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.
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