TransCanada announced Tuesday that it has increased its offer to acquire Columbia Pipeline Partners for $915 million versus its original offer of $850 million in September.
TransCanada acquired the parent company, Columbia Pipeline Group, this year for more than $10 billion. Columbia Pipeline Partners is a master limited partnership.
When TransCanada first offered to buy Columbia Pipeline Partners in September, a board committee from the MLP did not agree to the offer and negotiated for more money.
When the transaction is completed in March of next year, TransCanada will absorb Columbia Pipeline Partners and operate with its master limited partnership TC PipeLines as its only MLP.
To help pay for the acquisition, TransCanada is selling its northeastern U.S. power plants to different buyers for a total of $3.7 billion, according to the company.