Columbia Pipeline Partners changes management after TransCanada’s acquisition

Columbia Pipeline Partners on Friday informed that following TransCanada’s acquisition of Columbia Pipeline Group, it has become a wholly-owned subsidiary and is now effectively managed by TransCanada. 

Effective July 1, the Partnership has made director and officer changes, resulting from the TransCanada acquisition.

Robert C. Skaggs, Glen L. Kettering, Stephen P. Smith and Robert E. Smith are all resigning from their respective positions as chairman and chief executive officer, president, executive vice president and chief financial officer and general counsel, respectively.

The current independent directors, G. Stephen Finley, Thomas W. Hofmann and Peggy A. Heeg, will continue in their roles on the board of directors and Audit Committee.

Stanley G. Chapman III will continue to serve as a director and effective today is appointed president of the general partner of the Partnership, while Kristine L. Delkus, Alexander J. Pourbaix, Karl Johannson have also been named directors of the general partner of the Partnership.

Shawn L. Patterson is appointed as vice-president, operations while Nathaniel A. Brown is appointed as controller and principal financial officer.

To remind, TransCanada will acquire Columbia for US$25.50 per common share in cash, resulting in an aggregate purchase price of approximately $13 billion including the assumption of approximately $2.8 billion of debt, as all conditions of the acquisition have been satisfied.

The acquisition will enable TransCanada, that is already developing several pipeline projects to bring shale gas to proposed LNG terminals located on the Canadian Pacific coast, to transport shale gas to U.S. LNG terminals for export to international markets.