The $15.75 per common unit offer represents a premium of 11.3% to Columbia Pipeline Partners' 30-day average closing price as of Sept. 23, TransCanada said.
A committee of independent directors of Columbia Pipeline Partners' board will be formed to consider the offer as the general partner of Columbia Pipeline Partners is an indirect unit of Columbia Pipeline Group, TransCanada said.
TransCanada, which completed its $10.3 billion takeover of Columbia Pipeline Group in July, had said it was reviewing strategic alternatives for MLP holdings, including Columbia Pipeline Partners LP.
Columbia Pipeline Partners LP is a Delaware MLP with interests in three regulated U.S. natural gas pipelines, as well as storage and related midstream assets.
TransCanada, Canada's second-largest pipeline company, has retained Morgan Stanley as its financial adviser and Vinson & Elkins as legal adviser.
2022-05-19 - The discovery includes 500 million barrels of oil from an exploration well in the field.
2022-05-19 - Private operators will be a significant driver of the record growth as they have reacted quickly to the elevated market, increasing activity and output.
2022-05-19 - Ecopetrol will take a 40% stake in the blocks while Occidental Petroleum subsidiary Anadarko Colombia Co. will have a 60% stake and will serve as the blocks’ operator, Ecopetrol said.
2022-05-18 - National Fuel touted the environmental benefits of the sale by its E&P segment Seneca Resources, including a 55% reduction in CO₂ equivalent emissions.
2022-05-17 - In addition to a focus on well intervention and robotics operations, Helix is pursuing an energy transition business model, which CEO Owen Kratz says the expanded decommissioning presence from the Alliance acquisition furthers.