Enbridge to acquire Tallgrass crude business for $2.55B, expanding Rockies footprint

ENBRIDGE INC

Deal: $2.55B cash for Tallgrass crude assets incl. 75% Pony Express, 51% Powder River Gateway, 8.4M bbl storage.
Pony Express: 1,050-mile, ~460 kbpd system; PXP2 expansion to ~515 kbpd, in service late 2027.
Expected close later 2026, subject to FTC HSR clearance; accretive to DCF/share in first full year.
Equity offering to partially fund deal and Salt Creek Midstream crude gathering acquisition (Aug 26, 2026).
Reaffirms ~5% CAGR EBITDA/DCF/EPS outlook; leverage target 4.5-5.0x Debt/EBITDA.

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