TransCanada Corp. said Monday it had offered $848 million to buy Columbia Pipeline Partners LP, the master limited partnership affiliate of its newly acquired Columbia Pipeline Group Inc. unit.

The Canadian pipeline operator closed its more-than-$10-billion purchase of the Houston-based pipeline company in July and has been reviewing its strategic options for its master limited partnership holdings since then.

Calgary, Alberta-based TransCanada said it agreed to offer $15.75 a unit for all 53.8 million outstanding units of Columbia Pipeline Partners. The offer represents a nearly 3% premium over the limited partnership closing price of $15.30 on Friday.

TransCanada said a committee of independent directors of Columbia Pipeline Partners will be formed to consider the offer.

The Columbia Pipeline limited partnership has interests in three regulated U.S. natural-gas pipelines extending from New York to the Gulf of Mexico, plus natural-gas storage systems and a portfolio of gathering and processing assets.

TransCanada also owns TC PipeLines LP, a limited partnership with stakes in a number of U.S. natural-gas pipelines including the Bison pipeline, which runs between Wyoming and North Dakota.

A TransCanada spokesman wasn't immediately available to respond to a request on the status of the company's strategic review of TC Pipelines.

Write to Judy McKinnon at judy.mckinnon@wsj.com

Write to Judy McKinnon at judy.mckinnon@wsj.com

(END) Dow Jones Newswires

September 26, 2016 09:05 ET (13:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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