BRIEF-Transcanada to acquire Columbia Pipeline Group for $13 bln

Thu Mar 17, 2016 5:53pm EDT
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March 17 (Reuters) - Transcanada Corp :

* Transcanada to acquire Columbia Pipeline Group for US$13 billion

* Targeted annual cost, revenue and financing benefits of approximately us$250 million

* Deal supports and may augment eight to 10 per cent expected annual dividend growth through 2020

* Says aggregate transaction value of approximately US$13 billion including assumption of approximately US$2.8 billion of debt

* As an interim measure, Transcanada has bridge term loan credit facilities in place for up to US$10.3 billion

* Columbia is currently advancing US$5.6 billion of commercially secured projects subject to normal course regulatory and permitting processes

* Deal is subject to Columbia shareholder approval and certain regulatory approvals

* Goldman, Sachs & Co. acted as lead financial advisor and Lazard Freres & Co. Llc acted as financial advisor to Columbia   Continued...