TransCanada to acquire Columbia Pipeline Group

Columbia Pipeline Group, Inc. entered into a definitive agreement to be acquired by TransCanada Corporation for US$25.50 per share in cash. Including the assumption of CPG debt, the total enterprise value of the transaction is approximately US$13 billion. The agreement, which has been unanimously approved by CPG’s Board of Directors, represents a premium of approximately 32% to the volume weighted average price over the last 30 days.

“This transaction delivers tremendous value to our shareholders and places CPG within a leading energy platform that can maximize the value of our strategic positioning and deep inventory of transformational growth projects,” said CPG Chairman and Chief Executive Officer Robert C. Skaggs, Jr. “The value presented here is a strong endorsement of our team’s outstanding work. I am confident that this newly enhanced business will continue to deliver on our core commitments to customers, employees, stakeholders and stockholders.”

“This transaction is truly transformational for TransCanada,” said Russ Girling, President and CEO of TransCanada. “CPG’s interstate pipeline and midstream assets sit directly on top of the fastest growing areas of the Marcellus and Utica Shale regions. This provides us with a complementary asset base, a substantial growth pipeline network and a broad team that has a solid track record of executing on projects and delivering results.”