On September 8, 2023, Enbridge Inc. successfully closed a $4.6 billion bought deal public equity financing. The offering was bought by a syndicate of underwriters, led by RBC Capital Markets and Morgan Stanley, together with BMO Capital Markets, CIBC Capital Markets, National Bank Financial Markets, Scotiabank and TD Securities, as joint bookrunners, and involved the purchase of 102,913,500 common shares of Enbridge (inclusive of 13,423,500 common shares issued pursuant to the full exercise of the underwriters’ over-allotment option) offered concurrently in Canada and the United States for aggregate gross proceeds of $4.6 billion. The offering represents the largest public equity financing in Canadian history.

The net proceeds from this offering will be used by Enbridge to partially finance its acquisition of three US-based gas utilities from Dominion Energy, Inc. for $19 billion. This landmark acquisition will create North America's largest natural gas utility platform serving customers across multiple regulatory jurisdictions.

Dentons acted as Canadian counsel to the underwriters, with a team led by Dan Shea which included Jessica Myers, Dan Cerchia, Ana Cherniak-Kennedy and Derek Kurrant. Baker Botts L.L.P. acted as US counsel to the underwriters.

McCarthy Tétrault LLP and Sullivan & Cromwell LLP advised Enbridge on Canadian and US aspects of the offering and the acquisitions, respectively.