Natural Gas Pipeline Firms Plan $830-Million Merger
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HOUSTON — Panhandle Eastern Corp., one of the nation’s largest interstate natural gas pipeline companies, said Monday that it will buy Associated Natural Gas Corp. in a stock swap worth $830 million.
Under the deal, which would create the third-largest independent natural gas pipeline company in the country, each share of Associated would be converted into the right to receive 1.5725 to 1.8750 Panhandle shares.
Panhandle President Paul Anderson said the merger should boost the value of both company’s shares. “This action is a part of Panhandle’s strategic plan to further expand its activities beyond its core gas transmission services business,” he said.
Panhandle Eastern provides natural gas transportation to the Midwest and Northeast. Associated sells natural gas across the country and in Canada and Britain.
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