Enbridge to Buy Its MLP’s Stake in Midcoast Natural Gas Unit

Enbridge Inc. agreed to purchase its master limited partnership’s interest in a natural gas gathering unit for $1.31 billion in cash plus the unit’s debt in a bid to prop up the partnership.

The move follows a review of Enbridge Energy Partners LP and other measures to “restore EEP’s value proposition,” Enbridge said in a statement April 28. In January, the parent and partnership announced the acquisition by Enbridge of units held by the public in Midcoast Energy Partners LP, the gas unit. Enbridge last month said it will cut 1,000 jobs to reduce overlap after the Canadian pipeline giant ...