TransCanada Corp said on Monday it had offered about $848 million in cash to purchase Columbia Pipeline Partners.
Columbia Pipeline Partners is the master limited partnership affiliate of Columbia Pipeline Group that was recently acquired by TransCanada.
TransCanada said earlier this year it was reviewing strategic alternatives for master limited partnership holdings, including Columbia Pipeline Partners.
The Calgary-based company agreed to offer $15.75 per common unit for all 53.8 million outstanding units of Columbia Pipeline Partners.
The offer price represents an 11.3 percent premium to the 30-day average closing price on September 23, TransCanada said in its statement.
Columbia Pipeline Partners is a Delaware master limited partnership with interests in three U.S. natural gas pipelines which serve markets extending from New York to the Gulf of Mexico, as well as storage and related midstream assets.
LNG World News Staff