Columbia Pipeline Group (CPG), a wholly owned subsidiary of TransCanada Corp. and Columbia Pipeline Partners LP (CPPL), announced that on Feb. 16, CPPL unitholders voted to approve the previously announced merger of CPPL and CPG.
Pursuant to the merger agreement, dated Nov. 1, 2016, CPG acquired all of CPPL’s outstanding common units not already owned by CPG and its subsidiaries. CPG and CPPL also announced that all conditions required to complete the merger under the terms of the merger agreement have been satisfied and all necessary filings have been made for the transaction to take effect on Feb. 17. On that date, CPPL will direct the New York Stock Exchange (NYSE) to file a Form 25 on CPPL’s behalf with the Securities and Exchange Commission to commence the process of delisting the common units of CPPL from the NYSE and deregistering such common units under the Securities Exchange Act of 1934.
CPPL is a Delaware master limited partnership with interests in three regulated 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. CPPL’s general partner became an indirect, wholly-owned subsidiary of TransCanada on July 1, 2016, and as a result, CPPL is effectively managed by TransCanada.
TransCanada operates a network of natural gas pipelines that extends more than 90,300 km (56,100 miles), tapping into virtually all major gas supply basins in North America. TransCanada is the continent’s leading provider of gas storage and related services with 664 billion cubic feet of storage capacity. TransCanada is also the developer and operator of one of North America’s leading liquids pipeline systems that extend over 4,300 km (2,700 miles), connecting growing continental oil supplies to key markets and refineries