TransCanada (NYSE: TRP) to buy Columbia Pipeline Group (NYSE : CBGX) for $10.2 billion – Best Small Cap Stock Picks Best Small Cap Stocks to Buy

TransCanada to buy Columbia Pipeline Group for $10.2 billion

Thursday, March 17, 2016 3:43 p.m. CDT
(Reuters) – TransCanada Corp , the company behind the controversial Keystone XL oil pipeline project, said it had agreed to buy U.S. natural gas pipeline operator Columbia Pipeline Group Inc for $10.2 billion.

TransCanada will offer $25.50 per share in cash for each Columbia Pipeline share, an 8.5 percent premium to the stock’s Thursday close.

Including $2.8 billion in Columbia Pipeline’s debt, the deal is valued at $13 billion.

TransCanada said it would finance the deal by selling its U.S. Northeast merchant power assets and a minority interest in its Mexican natural gas pipeline business.

The company said it had also secured $10.3 billion of credit facilities.

Goldman, Sachs & Co and Lazard advised Columbia Pipeline, while Sullivan & Cromwell LLP and Bennett Jones LLP were its legal advisers.

Wells Fargo Securities LLC was TransCanada’s financial adviser and Mayer Brown LLP, Blake, Cassels & Graydon LLP and Osler, Hoskin & Harcourt LLP were its legal advisers.

Source: Reuters

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