MERRILLVILLE, Ind. and HOUSTON, Feb. 6, 2015 /PRNewswire/ -- NiSource Inc. (NYSE: NI) announced the filing of an initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC) in connection with the company's previously announced plan to separate its natural gas pipeline and related businesses into a stand-alone publicly traded company in mid-2015.
Columbia Pipeline Group (CPG), which is expected to be listed on the New York Stock Exchange (NYSE: CPGX), will include Columbia Pipeline Partners, Columbia Gas Transmission, Columbia Gulf Transmission, Columbia Midstream Group (formerly NiSource Midstream Services) and other current NiSource natural gas pipeline, storage and midstream holdings.
After the planned separation, NiSource will remain one of the largest natural gas utility companies in the United States, serving more than 3.4 million customers in seven states under the Columbia Gas and NIPSCO brands. The company also will continue to provide electric distribution, generation and transmission services for approximately 450,000 NIPSCO electric customers in northern Indiana. NiSource will continue to be listed on the New York Stock Exchange (NYSE: NI).
As announced in December 2014, Robert C. Skaggs Jr., current NiSource chief executive officer (CEO) is expected to become CEO of CPG. Joseph Hamrock, currently executive vice president and group CEO of NiSource's Gas Distribution business unit, is expected to become CEO of NiSource.
For additional information about the proposed separation, please see our press release issued on September 28, 2014.
About NiSource
NiSource Inc. (NYSE: NI), based in Merrillville, Ind., is a Fortune 500 company engaged in natural gas transmission, storage and distribution, as well as electric generation, transmission and distribution. NiSource operating companies deliver energy to 3.8 million customers located within the high-demand energy corridor stretching from the Gulf Coast through the Midwest to New England. Information about NiSource and its subsidiaries is available at www.nisource.com. NI-F
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to various risks and uncertainties. Examples of forward-looking statements in this release include statements and expectations regarding the timing of the separation, as well as NiSource's business following the separation and the leadership of NiSource and Columbia Pipeline Group, Inc. following the separation. Factors that could cause actual results to differ materially from the projections, forecasts, estimates and expectations discussed in this release include, among other things, the timing to consummate the transactions described herein; the risk that a condition to consummation is not satisfied; disruption to operations as a result of the proposed transactions; the inability of one or more of the businesses to operate independently following the completion of the proposed transactions; weather; fluctuations in supply and demand for energy commodities; growth opportunities for NiSource's businesses; increased competition in deregulated energy markets; the success of regulatory and commercial initiatives; dealings with third parties over whom NiSource has no control; actual operating experience of NiSource's assets; the regulatory process; regulatory and legislative changes; changes in general economic, capital and commodity market conditions; and counter-party credit risk, and the matters set forth in the "Risk Factors" section in NiSource's 2013 Form 10-K and subsequent NiSource filings of Form 10-Q, many of which are beyond the control of NiSource. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Future earnings and other financial projections are illustrative only and do not constitute guidance by the Company. NiSource expressly disclaims a duty to update any of the forward-looking statements contained in this release.
The potential distribution of CPG shares is subject to the satisfaction of a number of conditions, including the final approval of NiSource's Board of Directors. There is no assurance that such distribution will in fact occur.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nisource-announces-initial-form-10-registration-statement-for-columbia-pipeline-group-separation-300032397.html
SOURCE NiSource Inc.
