Canadian oil and natural gas pipeline operator TransCanada and Texas-based Columbia Pipeline Group on Tuesday voted to adopt a previously announced merger agreement, whereby TransCanada would acquire Columbia for $25.50 a share of common stock in cash, resulting in an aggregate purchase price of about $13-billion.
The company announced that 95.33% of votes cast by Columbia stockholders were in favour of the merger agreement.
"Today's vote is an important milestone that moves us closer to completing this acquisition and creating one of North America's leading natural gas transportation and storage companies," said TransCanada president Russ Girling.
The transaction was expected to close in July.