Enbridge Inc. (TSX:ENB) (NYSE:ENB) ("Enbridge" or the "Company") announced today that, through a wholly-owned subsidiary, it has entered into a definitive agreement with wholly-owned subsidiaries of Tallgrass Energy, LP ("Tallgrass") to acquire its crude oil business which includes:

• 75% of Pony Express Pipeline (Pony Express), a 1,050-mile, ~460 kbpd crude system connecting Rockies production to Cushing, OK with direct access to ~500 kbpd of refining capacity.
• 51% of Powder River Gateway system, including two crude pipelines capable of delivering a combined capacity of ~240 kbpd.
• ~8.4 million barrels of storage capacity across nine crude terminals connected into Pony Express, inclusive of a 60.3% non-operating interest in the Deeprock Crude Terminal in Cushing, OK.
• Stanchion Energy, a crude marketing business which drives incremental throughput and optimizes value of the other acquired assets.

Under the agreement, Enbridge will acquire the business for cash consideration of U.S.$2.55 billion, subject to customary closing date adjustments, which represents an estimated acquisition multiple of 10-11x forward enterprise value to EBITDA.

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