TransCanada Makes Play to Buy “the Rest” of Columbia Pipeline
Last July Canadian-based TransCanada, famously known for wanting to build the Keystone XL oil pipeline from Canada to the Gulf Coast (a plan that Obama obliterated), didn’t want to be left out of the most important midstream story of the century, so they bought Columbia Pipeline Group this year, closing on the sale in July (see TransCanada and Columbia Pipeline Tie the Knot Today). At least, that’s what everyone thought. Little known fact: third party investors still own a piece of Columbia. TransCanada has just made an offer to those third party investors to buy them out–so TransCanada can own 100% of the Columbia. The original deal cost TransCanada $10 billion (U.S. dollars). The offer just made to the investors to buy out the rest is for $848 million U.S….