TransCanada completes $13bn acquisition of Columbia Pipeline Group
JOHANNESBURG (miningweekly.com) – TSX-listed oil and natural gas pipeline operator TransCanada has completed its acquisition of NYSE-listed Texas-based Columbia Pipeline Group for $13-billion, including the assumption of about $2.8-billion of debt.
Trading in Columbia shares on the NYSE were suspended on Friday, with the group directing the stock exchange to file a Form 25 with the Securities and Exchange Commission on its behalf and to start the delisting of shares in Columbia’s stock from the NYSE.
Effective Monday, the subscription receipts issued on April 1 to fund a portion of the purchase price for Columbia would automatically be exchanged for TransCanada common shares, in accordance with the terms of the subscription receipt agreement.
With the completion of the acquisition, TransCanada aimed to focus its attention on integrating Columbia’s business. The company noted on Monday that it had retained a financial adviser to assist in a review of strategic alternatives for its master limited partnership (MLP) holdings, to identify the strategy that best positions TransCanada for the long term.
The company said it would review its integrated business plan, including future financial needs, and expected to be in a position to communicate its determination regarding the future of TC PipeLines and Columbia Pipeline Partners, later in 2016.
TransCanada did not expect any dropdowns to the MLPs until the review had been completed.
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