Columbia Midstream Group was acquired from a subsidiary of TC Energy Corporation by UGI
Image: UGI subsidiary completes acquisition of Columbia Midstream Group. Photo: courtesy of rawpixel from Pixabay.
UGI Corporation (NYSE:UGI) announced today that its subsidiary, UGI Energy Services, LLC, has completed the previously announced acquisition of the equity interests of Columbia Midstream Group, LLC (“CMG”) from a subsidiary of TC Energy Corporation (NYSE: TRP) (“TC Energy”) for approximately $1.275 billion.
John L. Walsh, president and chief executive officer of UGI Corporation, said, “We are pleased to complete this important acquisition that enhances our midstream capabilities in the prolific gas producing region of the southwest Appalachian Basin. The addition of this diversified asset network, supported by long-term take-or-pay contracts or acreage dedications, will enable UGI Energy Services to offer a full scale, midstream platform while expanding our base of quality business partners and customers. This value-enhancing transaction represents UGI’s first investment into wet gas gathering and processing. Our teams are well aligned in terms of focusing on safety as our highest priority. Both UGI and CMG have a strong history of operating safely and efficiently and engaging in the communities we serve. UGI is excited to welcome the CMG employees to its family of companies.”
Source: Company Press Release