This is a BIG deal. On top of the massive price tag (and netting bankers about $100M in fees alone), this is the largest M&A deal to be completed since 2014, when oil prices collapsed. If the deal is completed, the emerging entity will be the largest North American energy infrastructure company.
However, it should be noted that both of these companies are operating more in the midstream segment, and upstream producers aren't out of the woods yet. However, crude prices have recovered significantly from the lows seen on August 1st. High margin, low cost producers seem to be on the hunt for well-valued companies, with EOG Resources announcing that it will acquire privately-held Yates Petroleum Corp for $2.5 billion.
https://www.reuters.com/article/us-spectra-energy-m-a-enbridge-inc/enbridge-buying-spectra-in-28-billion-deal-idUSKCN11C13H
