TransCanada completes acquisition of Columbia Pipeline Group
CALGARY, ALBERTA – TransCanada Corporation announced the completion of the transaction to acquire all of the outstanding shares of Columbia Pipeline Group, Inc. for a purchase price of approximately US$13 billion, including the assumption of approximately US$2.8 billion of debt.
With the completion of the acquisition, TransCanada will focus its attention on integrating Columbia’s business.
Trading in Columbia shares on the New York Stock Exchange will be suspended effective as of the opening of trading today.
Effective July 4, 2016, being the first Canadian business day following the acquisition closing date, the subscription receipts issued on April 1, 2016, to fund a portion of the purchase price for Columbia will automatically be exchanged for TransCanada common shares in accordance with the terms of the subscription receipt agreement.
TransCanada expects that trading in the subscription receipts will be halted on the Toronto Stock Exchange (TSX) prior to market opening on July 4, that the transfer register maintained by the subscription receipt agent will be closed and that the subscription receipts will be delisted by the TSX after close of trading on July 4.
Holders of subscription receipts as of June 30, will remain entitled to receive a dividend equivalent payment on July 29, 2016, of $0.565 per subscription receipt that they held on June 30.