TransCanada Corporation announced Monday that its unit Columbia Pipeline Group will offer to buy Columbia Pipeline Partners LP for roughly $848 million.
According to a statement, TransCanada is offering $15.75 a unit for Columbia Pipeline Partners with there being a total of 53.8 million units.
TransCanada bought Columbia Pipeline Group back in July for $10.3 billion and said it would review strategic options for taking over master limited partnership holdings, which includes Columbia Pipeline Partners LP.
The transaction must be approved by directors of the partnership, Columbia Pipeline Group, and TransCanada. It must also be approved by the majority of the partnership’s shareholders.