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Parent of Retail Supplier Complete Acquisition of Gas Pipeline Group
July 05,2016 TransCanada Corporation announced the completion of its previously reported transaction to acquire all of the outstanding shares of Columbia Pipeline Group, Inc. for an aggregate purchase price of approximately $13 billion, including the assumption of approximately $2.8 billion of debt. TransCanada Corporation is the ultimate parent of retail supplier TransCanada Power Marketing, and is engaged in various other power generation and energy infrastructure businesses. Columbia Pipeline Group operates approximately 15,000 miles of interstate pipeline, gathering and processing assets extending from New York to the Gulf of Mexico, including an extensive footprint in the Marcellus and Utica shale production areas. Columbia Pipeline Group also operates one of the nation's largest underground natural gas storage systems. With the completion of the acquisition, TransCanada said that it 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. TransCanada said that it 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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