TransCanada Corp. and Columbia Pipeline Group Inc. said June 22 that at a special meeting that day, Columbia's stockholders voted to adopt the merger agreement, under which TransCanada would acquire Columbia for about US$13 billion.
About 95.33% of votes cast by Columbia stockholders favored adopting the merger agreement, which will have TransCanada acquire Columbia for US$25.50 per share of common stock in cash. The total purchase price includes the assumption of about US$2.8 billion of debt.
Columbia's stockholder approval fulfills the final major closing condition for the proposed acquisition.
In May 2016, TransCanada and Columbia said other regulatory conditions necessary to close the deal had been satisfied, specifically, the early termination of the Hart-Scott-Rodino waiting period and clearance from the Committee on Foreign Investment in the U.S.
TransCanada and Columbia said the closing of the transaction will likely be effective on July 1.
TransCanada is based in Calgary, Alberta.
Recommended Reading
Thanks to New Technologies Group, CNX Records 16th Consecutive Quarter of FCF
2024-01-26 - Despite exiting Adams Fork Project, CNX Resources expects 2024 to yield even greater cash flow.
Cheniere Energy Declares Quarterly Cash Dividend, Distribution
2024-01-26 - Cheniere’s quarterly cash dividend is payable on Feb. 23 to shareholders of record by Feb. 6.
Marathon Petroleum Sets 2024 Capex at $1.25 Billion
2024-01-30 - Marathon Petroleum Corp. eyes standalone capex at $1.25 billion in 2024, down 10% compared to $1.4 billion in 2023 as it focuses on cost reduction and margin enhancement projects.
Humble Midstream II, Quantum Capital Form Partnership for Infrastructure Projects
2024-01-30 - Humble Midstream II Partners and Quantum Capital Group’s partnership will promote a focus on energy transition infrastructure.
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.