TransCanada has completed the previously announced transaction to acquire US-based Columbia Pipeline Group for approximately $13bn.
The transaction value will also include the assumption of approximately $2.8bn of debt.
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With the acquisition announced in March this year, TransCanada’s sole focus will now be on integrating Columbia Pipeline Group’s business.
The company will also review its integrated business plan including future financial needs, and expects to be in a position to communicate its determination regarding the future of TC PipeLines and Columbia Pipeline Partners later this year.
Columbia Pipeline Group operates an approximate 24,000km network of interstate natural gas pipelines, extending from New York to the Gulf of Mexico.
TransCanada president and CEO Russ Girling previously said that the assets complement the company’s existing North American footprint, which together will create a 91,000km natural gas pipeline system connecting the prolific supply basins to premium markets across the continent.
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By GlobalDataColumbia currently owns Columbia Gas Transmission and Columbia Gulf Transmission.
Columbia Gas Transmission operates about 18,000km of pipelines and 286 billion ft³ of storage capacity within the Marcellus and Utica shale production areas.
Columbia Gulf Transmission is a 5,400km pipeline system that extends from Appalachia to the Gulf Coast.
At present, the company is in the process of advancing $5.6bn of projects that are subject to normal course regulatory and permitting processes.
Image: TransCanada Tower, the company’s head office in Calgary. Photo: courtesy of Qyd.
