Spectra Energy Corp. (NYSE: SE) wrapped up the $1.49 billion acquisition of a stake in the Express-Platte Pipeline System, one of three major pipelines moving crude oil from Western Canada to the U.S.

The purchase price is made up of $1.25 billion in cash plus $250 million in debt assumption.

Houston-based Kinder Morgan Energy Partners LP (NYSE: KMP) had put one-third of its stake up for sale in 2012 and announced the deal with Spectra in December. [link: http://www.themiddlemarket.com/news/spectra-fuels-energy-ma-with-1-49-billion-pipeline-purchase-236103-1.html] Ontario Teachers’ Pension Plan Board and Borealis Infrastructure, the infrastructure-investment arm of the OMERS pension plan, also sold their interests in the pipeline system.

The 1,717-mile crude oil system starts in Hardisty, Alberta, and ends in Wood River, Ill. It serves the Bakken and Niobrara shale oil plays and has a capacity of roughly 280,000 barrels a day.

Spectra says it anticipates that these assets will provide growth opportunities in related crude and refined products services.

Skadden Arps Slate Meagher & Flom LLP advised Spectra on the deal.

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