TransCanada Closes on Columbia Pipeline Purchase

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TransCanada announced it will close on the previously announced acquisition of Columbia Pipeline Group on July 1 for about $13 billion, which includes the assumption of $2.8 billion in debt.

“This acquisition is a tremendous opportunity to obtain a competitively positioned, growing network of regulated natural gas pipelines and storage assets in the heart of the Marcellus and Utica basins,” said Russ Girling, TransCanada’s president and CEO.

The deal will create one of North America’s largest regulated natural gas transmission companies with about 56,100 mile of natural gas pipelines and the continent’s largest natural gas storage business with 664 Bcf of capacity.

Headquartered in Houston, Columbia will operate as a TransCanada subsidiary.

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