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  • Mon, Sep. 26, 7:38 AM
    • TransCanada (NYSE:TRP) offers to acquire Columbia Pipeline Partners (NYSE:CPPL) for $15.75/unit in cash, in a deal valued at ~$848M.
    • TRP says its offer price represents an 11.3% premium to the 30-day average closing price on Sept. 23.
    • Since closing its takeover of Columbia Pipeline Group in July, TRP has been reviewing the strategy for Columbia's MLPs, CPPL and TC Pipelines (NYSE:TCP).
    • CPPL owns stakes in three regulated U.S. natural gas pipelines extending from New York to the Gulf of Mexico, plus natural gas storage systems and a portfolio of gathering and processing assets.
    | Mon, Sep. 26, 7:38 AM | 9 Comments
  • Fri, Mar. 18, 3:55 PM
    • Columbia Pipeline Group (CPGX +5.9%) has surged today following TransCanada's (TRP -1.2%) $25.50/share takeover offer - no surprise there - but Columbia Pipeline Partners (CPPL -18.5%), CPGX's MLP, is trading nearly 20% lower.
    • TRP said little about its plans for the MLP except that it would become the new general partner and own 46% of the units; TRP already has its own MLP - TC Pipeline (TCP -2.2%) - so its course for the Columbia partnership lacks clarity.
    • Investors may be worried that TRP will buy up the MLP cheaply, leaving them on the hook for capital gains taxes that would cut into their returns, Hennessy Gas Utility Fund manager Skip Aylesworth tells Bloomberg.
    • Barclays downgrades CPPL to Equal Weight from Overweight with a $15 price target, forecasting slower growth in the MLP’s investor payout under TRP’s control.
    | Fri, Mar. 18, 3:55 PM | 7 Comments
  • Nov. 6, 2015, 8:15 AM
    • TransCanada (NYSE:TRP) agrees to sell a 49.9​% interest in Portland Natural Gas Limited Partnership its TC PipeLines (NYSE:TCP) MLP for $223M.
    • PNGTS is a 295-mile interstate natural gas pipeline that connects with the TransQuebec and Maritimes Pipeline at the Canadian border near East Hereford, Quebec and delivers natural gas to customers in the U.S. northeast.
    • TRP will continue to own an 11.8% interest in PNGTS.
    | Nov. 6, 2015, 8:15 AM
  • Feb. 25, 2015, 8:59 AM
    • TC Pipelines (NYSE:TCP) agrees to acquire the remaining 30% interest in Gas Transmission Northwest from its parent company, TransCanada (NYSE:TRP), in a $446M deal.
    • The total includes $253M in cash, the assumption of $98M in proportional GTN debt and the issuance of $95M of new Class B units to TRP which will entitle TRP to a distribution based on 30% of GTN's annual cash distributions.
    • GTN is a 1,353-mile pipeline that transports natural gas under long-term contracts from the Western Canada Sedimentary Basin and the Rocky Mountains to Washington, Oregon and California.
    • TRP says the partnership has the capacity to complete dropdowns in excess of $1B/year.
    | Feb. 25, 2015, 8:59 AM | 1 Comment