TRANSCANADA CORP. $49.18 (Toronto symbol TRP; Shares outstanding: 709.0 million; Market cap: $34.3 billion; TSINetwork Rating: Above Average; Dividend yield: 4.6%; www.transcanada.com) has run into difficulties lately in gaining approvals for new pipelines, including Energy East in Canada and Keystone XL in the U.S.
However, the company has moved forward with its proposed acquisiton of Texas-based Columbia Pipeline Group (New York symbol GPCX) for $13 billion U.S.
This is a big purchase for TransCanada, which has a market cap of $35.4 billion (Canadian).
Columbia Pipeline operates natural gas pipelines in the U.S. Northeast, Midwest, Mid-Atlantic and Gulf Coast regions, as well as underground gas storage terminals. It’s now working on $5.6 billion U.S. worth of new pipelines. Columbia has already secured contracts from gas shippers. That cuts the risk of these projects.
To help pay for this acquisition, TransCanada plans to sell some of its electrical power plants in the U.S. northeast along with its minority stake in a Mexican pipeline. In addition, it will raise $4.4 billion by issuing 96.6 million shares at $45.75 each.
The acquisition of Columbia should immediately increase TransCanada’s earnings. As well, regulated businesses and long-term contracted assets will account for 92% of the combined firm’s earnings.
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