TransCanada is clawing itself out of the $13 billion hole it created when it completed the acquisition of Columbia Pipeline Group Inc. in July.
The Calgary, Alberta-based energy infrastructure company announced a spree of transactions Tuesday afternoon, including the sale of $3.7 billion worth of power generation assets in the northeastern United States and a $3.2 billion bought-deal financing agreement.
It also said Tuesday, Nov. 1, that its wholly owned Columbia Pipeline Group subsidiary is buying all the outstanding common units of its master limited partnership Columbia Pipeline Partners ( (CPPL) ) for $17 per unit, or $915 million, in cash.
Jefferies' Peter Bowden advised Columbia Pipeline Partners' conflicts committee on the transaction, while Morgan Stanley's Aaron Papps advised TransCanada, The Deal has learned.
Vinson & Elkins' Gillian Hobson, Mike Rosenwasser, Shaun Mathew, Michael Blankenship, Alex Rose, Justin Hunter, Jing Tong, Michael Marek, Emily Clary, Shauna DiGiovanni, Sheldon Nagesh and Brittany Smith provided legal counsel to TransCanada on the deal.
Akin Gump Strauss Hauer & Feld John Goodgame, Christopher Arntzen, Heather Ashour and Alison Chen and Potter Anderson & Corroon LLP were counsel to Columbia Pipeline Partners' conflicts committee.
TransCanada in late September said Columbia Pipeline Group offered to acquire what it doesn't own of Columbia Pipeline Partners for $15.75 per unit in cash, or $848 million.
The increased price tag may come as a relief to analysts who at the time of the initial offer were disappointed in the 11.3% premium it represented over CPPL's average 30-day closing price as of Sept. 23.