Finance

TransCanada to buy Columbia Pipeline Group in $13 billion deal

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A TransCanada Keystone Pipeline pump station operates outside Steele City, Nebraska, in this file photo taken March 10, 2014. REUTERS/Lane Hickenbottom/FilesThomson ReutersA TransCanada Keystone Pipeline pump station operates outside Steele City, Nebraska

(Reuters) – TransCanada Corp , the company behind the controversial Keystone XL oil pipeline project, said it had agreed to buy U.S. natural gas pipeline operator Columbia Pipeline Group Inc in a deal valued at $13 billion.

TransCanada will offer $25.50 per share in cash for each Columbia Pipeline share, a 8.5 percent premium to the stock’s Thursday close.

(Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak Dasgupta)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

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