TransCanada PipeLines to Exit Gas Marketing Business

On October 10, 2001, TransCanada PipeLines Limited and certain of its affiliates, as sellers, and Mirant Americas Energy Marketing Investments, Inc. and certain of its affiliates, as purchasers, entered into agreements providing for the sale of a majority of TransCanada’s natural gas marketing and trading assets, as well as its traditional gas aggregation business. The sale, together with other recent divestitures of certain of TransCanada’s gas marketing and trading assets (including the sale of certain assets to BP Canada Energy Company and certain of its affiliates) will complete TransCanada’s exit from the natural gas marketing and trading business. The sale’s value is confidential, and is expected to close in the fourth quarter of 2001 pending satisfaction of conditions precedent. Upon completion of the acquisition of the assets, Mirant expects to be the largest marketer of natural gas in Canada and the second largest in North America.

TransCanada was represented by in-house counsel, Murray Samuel, Dixie Martin, Doug Gessell and Janine Watson, together with a team from McCarthy Tétrault LLP comprised of Richard A. Shaw, Q.C., Lyle S. Yuzdepski, Barclay A. Laughland, Graham M. Young (corporate), J. Michael McIntosh (banking), Douglas S. Ewens, Q.C., David W. Ross (tax), Glen G. MacArthur and Oliver J. Borgers (competition). Mirant was represented by in-house counsel, Diane Pettie and David Field, and by a team from the Calgary and Ottawa offices of Gowling Lafleur Henderson LLP comprised of Leslie Fryers, Jim Williams and Gordon Cormie (corporate), Alan Rautenberg (tax), William Vanveen and Francois Baril (competition), David Corry (employment), Henry Brown, Q.C. (Investment Canada) and Andrew Gromnicki, Jason McCormick, Justin Louie and Nick Salaysay (due diligence).