November 1, 2016 / 9:12 PM / 2 years ago

BRIEF-TransCanada to buy all Columbia Pipeline Partners LP units for $17/unit

Nov 1 (Reuters) - TransCanada Corp :

* TransCanada provides update on strategic initiatives

* Reaches agreement to purchase all of common units of Columbia Pipeline Partners LP for US$17.00 per unit

* announces bought deal offering of common shares of approximately $3.2 billion plus a 10 per cent over-allotment option

* Continues to advance $25 billion of near-term projects that are expected to be completed by 2020

* Agreement to purchase all of common units of Columbia Pipeline Partners LP for a total amount of approximately US$915 million

* Expects to realize approximately US$3.7 billion from monetization of its U.S. Northeast power business

* Actions expected to be accretive to earnings per share, strengthen financial position

* Ddecides to maintain full ownership interest in its Mexican natural gas pipeline business

* Actions to support expected annual dividend growth rate at upper end of eight to 10 per cent through 2020

* Sale transactions expected to result in an approximate $1.1 billion after-tax net loss Source text for Eikon: Further company coverage:

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