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.
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