TransCanada completes acquisition of Columbia Pipeline Group
TransCanada’s (formerly Columbia) B-System pipeline project under construction. Photo courtesy of TransCanada.
TransCanada Corp. completed the transaction to acquire all outstanding shares of Columbia Pipeline Group Inc. for an aggregate purchase price of approximately US$13 B, including the assumption of approximately US$2.8 B of debt. Trading in Columbia shares on the NYSE will be suspended effective as of the opening of trading today. Columbia has directed NYSE to file today with the Securities and Exchange Commission a Form 25 on Columbia's behalf to commence the process of delisting shares of Columbia stock from the NYSE and terminating the registration of such shares under the Securities Exchange Act of 1934.
With the completion of the acquisition, TransCanada will focus its attention on integrating Columbia's business. TransCanada has retained a financial advisor to assist in a review of strategic alternatives for its master limited partnership (MLP) holdings, in order to identify the strategy that best positions TransCanada for the long term. The Company will carefully review its integrated business plan including future financial needs and expects to be in a position to communicate its determination regarding the future of TC PipeLines, LP and Columbia Pipeline Partners LP later in 2016. The Company does not anticipate any dropdowns to the MLPs until the review has been completed.
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