TransCanada (TRP) - Get Report said it has agreed to buy Columbia Pipeline (CPGX) for $25.50 a share, or roughly $13 billion. TransCanada's shares are down nearly two percent in Friday's session following the announcement. It's not Keystone, Cramer said. This involves a different, very important asset of TransCanada's, Cramer said -- a pipeline that runs from Alberta, Canada to the eastern United States. With the natural gas boom in Ohio and Pennsylvania, buyers no longer need to have natural gas shipped in from Western Canada. This acquisition boosts TransCanada's presence in the U.S., increasing its total coverage to around 57,000 miles of pipeline in North America. The deal is expected to close during the second half of the year.
At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.