TransCanada to sell interests in two gas pipelines for $765 MM
(Reuters) -- TransCanada Corp said on Thursday it would sell its remaining 49.3% interest in Iroquois Gas Transmission System LP and an 11.8% stake in Portland Natural Gas Transmission System (PNGTS) for $765 MM.
The Canadian pipeline operator said it would sell the stakes in the two gas pipelines to TC PipeLines LP, its master limited partnership that has investments in seven pipelines capable of moving 9.1 Bcfd of natural gas.
The deal value comprises $597 MM in cash and the assumption of $168 MM in proportionate debt at Iroquois and PNGTS, Transcanada said.
The Iroquois pipeline transports natural gas under long-term contracts and extends from the TransCanada Mainline system near Waddington, New York to markets in the US northeast.
PNGTS, an interstate natural gas pipeline, starts near Pittsburg, New Hampshire and ends near Dracut, Massachusetts.
TransCanada sold a 49.9% stake in PNGTS to TC PipeLines in January last year.
The deal is expected to close mid-year.
Reporting by Arathy S Nair in Bengaluru; Editing by Sai Sachin Ravikumar
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