On June 30, Columbia Pipeline Group Inc. (CPG) and TransCanada Corp. said that all the closing conditions for TransCanada’s acquisition of CPG were satisfied.
The aggregate purchase price will be about $13 billion, including the assumption of approximately $2.8 billion of debt. Upon completion of the acquisition, CPG will be an indirect wholly owned subsidiary of TransCanada.
After the closing, the parties filed a certificate of merger with the secretary of state of Delaware; the certificate ensures that the merger will become effective on July 1.
At the effective time of the merger, CPG’s common shares will be canceled and converted into the right to receive $25.50 per share in cash, without interest, subject to the terms and conditions of the merger agreement, which the companies entered on March 17.
Columbia Pipeline Group Inc. is based in Houston.
Recommended Reading
Range Resources Holds Production Steady in 1Q 2024
2024-04-24 - NGLs are providing a boost for Range Resources as the company waits for natural gas demand to rebound.
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers.
Novo II Reloads, Aims for Delaware Deals After $1.5B Exit Last Year
2024-04-24 - After Novo I sold its Delaware Basin position for $1.5 billion last year, Novo Oil & Gas II is reloading with EnCap backing and aiming for more Delaware deals.
Matador Hoards Dry Powder for Potential M&A, Adds Delaware Acreage
2024-04-24 - Delaware-focused E&P Matador Resources is growing oil production, expanding midstream capacity, keeping debt low and hunting for M&A opportunities.
TotalEnergies, Vanguard Renewables Form RNG JV in US
2024-04-24 - Total Energies and Vanguard Renewable’s equally owned joint venture initially aims to advance 10 RNG projects into construction during the next 12 months.