TransCanada Buys Pipelines from El Paso

The Toronto Star:

TransCanada Corp. and its United States affiliate are spending about $3.39 billion (U.S.) in cash for some of El Paso Corp.'s pipelines and storage facilities as El Paso works to cut debt.

TransCanada, Canada's biggest pipeline company, will acquire ANR Pipeline, storage facilities in Michigan and a 50 per cent stake in Great Lakes Gas Transmission from El Paso, the largest North American natural gas-pipeline owner.

The transaction includes assumption of $744 million in debt by TransCanada and TC Pipelines LP.