TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) has announced that the Committee on Foreign Investment in the United States (CFIUS) has notified TransCanada and Columbia Pipeline Group Inc. (NYSE:CPGX) (Columbia) that its investigation of TransCanada’s proposed acquisition of Columbia is complete and that there are no unresolved national security concerns.
CFIUS clearance satisfies one of the conditions to the closing of the proposed acquisition. Closing is also subject to the clearance by the United States Federal Trade Commission (FTC) under the Hart-Scott-Rodino Anti-Trust Improvements Act (HSR Act) and the approval of Columbia’s stockholders scheduled for June 22, 2016. TransCanada pulled and refiled its HSR application on May 6, 2016 which set a new 30-day period for review by the FTC.
TransCanada and Columbia continue to anticipate completing the transaction in the second half of 2016.
With more than 65 years’ experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 66,400 kilometres (41,300 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent’s largest providers of gas storage and related services with 368 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 10,500 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America’s largest liquids delivery systems. TransCanada’s common shares trade on the Toronto and New York stock exchanges under the symbol TRP.
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