TransCanada to buy Columbia Pipeline Group for $9.92 billion
NEW YORK (AP) — TransCanada Corp., the Canadian company behind the Keystone XL pipeline, has agreed to buy Columbia Pipeline Group for nearly $10 billion as it expands in the U.S.
Houston-based Columbia Pipeline owns 15,000 miles of interstate natural gas pipelines that extends from New York to the Gulf of Mexico.
With the acquisition, TransCanada will have about 57,000 miles of pipeline in North America.
The acquisition comes after President Barack Obama in November quashed the Keystone XL after seven years of political wrangling, saying it would have undercut U.S. efforts to clinch a global climate change deal at the center of his environmental legacy.
The pipeline would have connected Canada's tar sands to specialized refineries along the Texas Gulf Coast.