NiSource Inc (NI) on Tuesday said its board has approved the separation of Columbia Pipeline Group ("CPG") from it through a distribution of CPG common stock to NiSource shareholders.
In connection with the board's approval, NiSource confirmed the distribution ratio, record date and distribution date for the separation.
As a result, the distribution of CPG stock is expected to be made after the close of trading on the New York Stock Exchange on July 1 to NiSource shareholders of record as of June 19.
On the distribution date, NiSource shareholders will receive one share of CPG common stock for every one share of NiSource common stock held as of the record date.
Following the distribution, CPG will be an independent, publicly traded company (CPGX), and NiSource will retain no ownership interest in CPG.
NiSource will remain one of the largest natural gas utility companies in the United States. NiSource will continue to be headquartered in Merrillville, Indiana.
CPG, based in Houston, after separation will include Columbia Gas Transmission, Columbia Gulf Transmission, Columbia Midstream Group, its ownership in Columbia Pipeline Partners (CPPL), and other natural gas pipeline, storage and midstream holdings currently owned by NiSource.
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