05 04 2016

TransCanada to acquire Columbia Pipeline Group for $13 Billion

Mayer Brown LLP, Blake Cassels & Graydon LLP, Osler Hoskin & Harcourt LLP, Sullivan & Cromwell, Simpson Thacher & Bartlett and Skadden have advised on the deal

TransCanada will offer $25.50 per share in cash for each Columbia Pipeline share, an 8.5 percent premium to the stock's Thursday close.
Including the assumption of CPG debt, the total enterprise value of the transaction is approximately $13 billion.  The agreement, which has been unanimously approved by CPG's Board of Directors, represents a premium of approximately 32% to the volume weighted average price over the last 30 days. The transaction is expected to close in the second half of 2016, subject to customary closing conditions, including receipt of regulatory approvals. The transaction requires the affirmative vote of holders of a majority of CPG's outstanding shares.    Columbia Pipeline Group, Inc. operates approximately 15,000 miles of strategically located interstate pipeline, gathering and processing assets extending from New York to the Gulf of Mexico, including an extensive footprint in the Marcellus and Utica shale production areas. Columbia Pipeline Group, Inc. also operates one of the nation's largest underground natural gas storage systems. Goldman Sachs & Co. acted as lead financial advisor on the Columbia deal together with Lazard acting as financial advisor. Skadden Arps Slate Meagher & Flom represented Goldman Sachs & Co. with a team including eremy London, Paul Schnell and Ryan Dzierniejko. Simpson Thacher is representing Lazard as financial advisor to Columbia Pipeline Group with a team including Breen Haire, Mario Ponce and Jihyun Chung (M&A). TransCanada’s legal advisers on the deal were Marc Sperber (Picture), Andrew Noreuil, Mike Hermsen and Joe Hable of Mayer Brown LLP. Blake Cassels & Graydon LLP and Osler Hoskin & Harcourt LLP also advised TransCanada. Crowell & Moring LLP provided Antitrust advisory with a team including Mary Anne Mason and Olivier Antoine Wells Fargo Securities LLC. acted as Finanacial advisor to TransCanada.
Sullivan & Cromwell LLP represented Columbia Involved fees earner: Marc Sperber - Mayer & Brown; Andrew Noreuil - Mayer & Brown; Michael Hermsen - Mayer & Brown; Joseph Hable - Mayer & Brown; Mary Anne Mason - Crowell Moring LLP; Olivier N. Antoine - Crowell Moring LLP; Jeremy London - Skadden Arps Slate Meager & Flom; Paul Schnell - Skadden Arps Slate Meager & Flom; Ryan Dzierniejko - Skadden Arps Slate Meager & Flom; Breen Haire - Simpson Thacher & Bartlett; Mario Ponce - Simpson Thacher & Bartlett; Jihyun Chung - Simpson Thacher & Bartlett;

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