Columbia Pipeline Group announced it has entered into a definitive agreement to be acquired by TransCanada in a deal estimated at $13 billion. The transaction is expected to close in the second half of 2016.
Following completion of the transaction, TransCanada will own the general partner of Columbia Pipeline Partners LP (CPPL), all of its incentive distribution rights and all of its subordinated units, which represent a 46.5% limited partnership interest in CPPL.
Columbia Pipeline Group operates about 15,000 miles of strategically located 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, Inc. also operates one of the nation’s largest underground natural gas storage systems.