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TransCanada Locks in Growth With $10.2 Billion Pipeline Deal
TransCanada Locks in Growth With $10.2 Billion Pipeline Deal
by
Bloomberg News
TransCanada Corp. is undertaking its biggest-ever deal with the purchase of Columbia Pipeline Group Inc. for $10.2 billion, expanding...
TransCanada Corp. is undertaking its biggest-ever deal with the purchase of Columbia Pipeline Group Inc. for $10.2 billion, expanding its reach in the U.S. natural gas market.
TransCanada will pay $25.50 a share to Columbia holders, representing a 10.9 percent premium to Columbia’s closing price on March 16, and will also assume about $2.8 billion of debt, it said in a statement on Thursday. The Calgary-based company will fund the purchase with proceeds from asset sales and a C$4.2 billion ($3.2 billion) offering of new shares.
“It’s very complementary to what they already have,” Skip Aylesworth, who manages about $1.5 billion in Boston including the Hennessy Gas Utility Fund, said Thursday by phone. Hennessy holds shares of both TransCanada and Columbia. “They have an east-west superhighway in Canada. This gives them a north-south superhighway.”
Potential Reversal
TransCanada already gets the bulk of its revenue, 48 percent in 2015, from gas shipping. Including its Mainline pipeline system that crosses Canada, the company fully owns 35,200 miles of gas lines and has stakes 6,700 more miles, supplying about 20 percent of North America’s heating and power-plant fuel, according to its website. It’s also one of the continent’s biggest providers of gas storage, with 368 billion cubic feet of capacity.
TransCanada has been seeking to grow its presence in the U.S. gas market as production rises from Appalachia fields. Vast supplies of cheap gas from the Marcellus and Utica shale plays are pushing western Canadian volumes out of their traditional markets, as U.S. producers seek new buyers for their fuel north of the border. TransCanada, in turn, has been soliciting commercial support for the potential reversal of its Iroquois pipeline, which has been sending western Canadian gas supplies to the Eastern U.S. for more than two decades.
‘Rare Opportunity’
“The acquisition represents a rare opportunity to invest in an extensive, competitively-positioned, growing network of regulated natural gas pipeline and storage assets in the Marcellus and Utica shale gas regions,” said Russ Girling, TransCanada’s president and chief executive officer, in the statement.
The company has had its eye specifically on getting a pipeline into the Marcellus, which stretches across Pennsylvania and parts of New York, Ohio and West Virginia. Girling said last November that the company may consider an acquisition to grow its Marcellus business, and that it’s cheaper for existing players to build capacity.
The acquisition adds to TransCanada’s U.S. deals in the power and utility space, including the $657 million purchase completed last month of a Pennsylvania power plant from Talen Energy Corp. The offer price represents a 29 percent premium to Columbia’s shares on March 9, the day before reports that the companies were in discussions about a deal.
Asset Sales
TransCanada said its planned sale of power assets in the U.S. Northeast, along with its sale of a minority interest in its Mexican gas pipeline business, will add to proceeds from the equity offering to pay for its purchase of Columbia. The offering of 92 million subscription receipts at C$45.75 apiece represents a 5 percent discount to the company’s closing share price of C$48.15 on Wednesday. Royal Bank of Canada and Toronto-Dominion Bank are the underwriters.
The spinoff of Columbia Pipeline Group by NiSource Inc. was last year’s biggest in the U.S. energy sector. Valued at almost $12 billion, it ranked fourth behind EBay Inc.’s spinoff of Pay Pal Holdings Inc., the HP Inc. separation of its enterprise unit and Baxter Internal’s spinoff of a pharmaceutical unit.
Growth Concerns
TransCanada’s purchase of Columbia may ease investor concerns over TransCanada’s ability to grow over the long term, given that its large pipeline projects have been delayed or blocked. TransCanada has lately been focusing on small- to medium-sized projects to support its annual dividend growth as it struggles to win political support for big oil pipelines including Keystone XL and Energy East.
TransCanada in January opened one of the largest trade appeals ever brought against the U.S., seeking to recoup $15 billion of costs and damages tied to the Obama administration’s rejection of the Keystone XL oil pipeline. The company also sued the U.S. government over the denial of the $8 billion cross-border project.
TransCanada’s exclusive financial adviser was Wells Fargo & Co., while Columbia’s advisers were Goldman Sachs & Co., and Lazard Ltd. TransCanada’s legal advisers were Mayer Brown LLP, Blake, Cassels & Graydon LLP and Osler, Hoskin & Harcourt LLP. Columbia’s legal counsel was Sullivan & Cromwell LLP.
To contact the reporters on this story: Rebecca Penty in Calgary at rpenty@bloomberg.net, Jim Polson in New York at jpolson@bloomberg.net. To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Lynn Doan at ldoan6@bloomberg.net, Susan Warren, Jeffrey Taylor
TransCanada Corp. is undertaking its biggest-ever deal with the purchase of Columbia Pipeline Group Inc. for $10.2 billion, expanding its reach in the U.S. natural gas market.
TransCanada will pay $25.50 a share to Columbia holders, representing a 10.9 percent premium to Columbia’s closing price on March 16, and will also assume about $2.8 billion of debt, it said in a statement on Thursday. The Calgary-based company will fund the purchase with proceeds from asset sales and a C$4.2 billion ($3.2 billion) offering of new shares.
“It’s very complementary to what they already have,” Skip Aylesworth, who manages about $1.5 billion in Boston including the Hennessy Gas Utility Fund, said Thursday by phone. Hennessy holds shares of both TransCanada and Columbia. “They have an east-west superhighway in Canada. This gives them a north-south superhighway.”
Potential Reversal
TransCanada already gets the bulk of its revenue, 48 percent in 2015, from gas shipping. Including its Mainline pipeline system that crosses Canada, the company fully owns 35,200 miles of gas lines and has stakes 6,700 more miles, supplying about 20 percent of North America’s heating and power-plant fuel, according to its website. It’s also one of the continent’s biggest providers of gas storage, with 368 billion cubic feet of capacity.
TransCanada has been seeking to grow its presence in the U.S. gas market as production rises from Appalachia fields. Vast supplies of cheap gas from the Marcellus and Utica shale plays are pushing western Canadian volumes out of their traditional markets, as U.S. producers seek new buyers for their fuel north of the border. TransCanada, in turn, has been soliciting commercial support for the potential reversal of its Iroquois pipeline, which has been sending western Canadian gas supplies to the Eastern U.S. for more than two decades.
‘Rare Opportunity’
“The acquisition represents a rare opportunity to invest in an extensive, competitively-positioned, growing network of regulated natural gas pipeline and storage assets in the Marcellus and Utica shale gas regions,” said Russ Girling, TransCanada’s president and chief executive officer, in the statement.
The company has had its eye specifically on getting a pipeline into the Marcellus, which stretches across Pennsylvania and parts of New York, Ohio and West Virginia. Girling said last November that the company may consider an acquisition to grow its Marcellus business, and that it’s cheaper for existing players to build capacity.
The acquisition adds to TransCanada’s U.S. deals in the power and utility space, including the $657 million purchase completed last month of a Pennsylvania power plant from Talen Energy Corp. The offer price represents a 29 percent premium to Columbia’s shares on March 9, the day before reports that the companies were in discussions about a deal.
Asset Sales
TransCanada said its planned sale of power assets in the U.S. Northeast, along with its sale of a minority interest in its Mexican gas pipeline business, will add to proceeds from the equity offering to pay for its purchase of Columbia. The offering of 92 million subscription receipts at C$45.75 apiece represents a 5 percent discount to the company’s closing share price of C$48.15 on Wednesday. Royal Bank of Canada and Toronto-Dominion Bank are the underwriters.
The spinoff of Columbia Pipeline Group by NiSource Inc. was last year’s biggest in the U.S. energy sector. Valued at almost $12 billion, it ranked fourth behind EBay Inc.’s spinoff of Pay Pal Holdings Inc., the HP Inc. separation of its enterprise unit and Baxter Internal’s spinoff of a pharmaceutical unit.
Growth Concerns
TransCanada’s purchase of Columbia may ease investor concerns over TransCanada’s ability to grow over the long term, given that its large pipeline projects have been delayed or blocked. TransCanada has lately been focusing on small- to medium-sized projects to support its annual dividend growth as it struggles to win political support for big oil pipelines including Keystone XL and Energy East.
TransCanada in January opened one of the largest trade appeals ever brought against the U.S., seeking to recoup $15 billion of costs and damages tied to the Obama administration’s rejection of the Keystone XL oil pipeline. The company also sued the U.S. government over the denial of the $8 billion cross-border project.
TransCanada’s exclusive financial adviser was Wells Fargo & Co., while Columbia’s advisers were Goldman Sachs & Co., and Lazard Ltd. TransCanada’s legal advisers were Mayer Brown LLP, Blake, Cassels & Graydon LLP and Osler, Hoskin & Harcourt LLP. Columbia’s legal counsel was Sullivan & Cromwell LLP.
To contact the reporters on this story: Rebecca Penty in Calgary at rpenty@bloomberg.net, Jim Polson in New York at jpolson@bloomberg.net. To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Lynn Doan at ldoan6@bloomberg.net, Susan Warren, Jeffrey Taylor
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
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Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔