Enbridge boosts stake in Enbridge Energy Partners

The Canadian transporter and distributor of energy said late Monday it has committed to purchasing 16.25 million Class A common units of Enbridge Energy at $30.76 per unit, a purchase valued at about $500 million.

The units will be acquired by Enbridge subsidiary Enbridge Energy Co. and will increase Enbridge's ownership of Enbridge Energy Partners to 27 percent from 15 percent. The deal is expected to close Dec. 4.

Enbridge Energy Partners president Terrance McGill said the injection of capital would bolster the company's 2009 capital program.

Shares of Enbridge fell $1.17, or 3.7 percent, to $30.72 in Tuesday morning trading. The stock has traded between $26.31 and $46.76 over the past 52 weeks.

Shares of Enbridge Energy Partners rose 35 cents to $30.23.