Enbridge Energy Selling 12.6 pct of Midstream Stake

Enbridge Energy Partners LP said it would sell a 12.6 percent interest in its natural gas midstream business to partner Midcoast Energy Partners LP for $350 million.

Enbridge (ENB)'s interest in Midcoast Operating LP will fall to 48.4 percent after the sale, the company said.

Enbridge said it would use the proceeds to help fund its pipeline expansion program.

Midcoast Energy said in a separate statement that it would finance the deal with debt.

Reporting by Kanika Sikka