TransCanada Corporation and Columbia Pipeline Group, Inc. announced that at a special meeting held earlier today in Houston, Texas, Columbia’s stockholders voted to adopt the previously announced merger agreement. Under the terms of the merger agreement, TransCanada will acquire Columbia for $25.50 per share of common stock in cash, resulting in an aggregate purchase price of approximately $13 billion, including the assumption of approximately $2.8 billion of debt.
Columbia’s stockholder approval fulfills the final major closing condition for the proposed acquisition. In May 2016, TransCanada and Columbia announced other regulatory conditions necessary to close the deal had been satisfied: Specifically the early termination of the Hart-Scott-Rodino waiting period, and Committee on Foreign Investment in the US (CFIUS) clearance. TransCanada and Columbia anticipate that the closing of the transaction will be effective on July 1, 2016.