TC Energy to acquire TC PipeLines in $1.68 B deal
12/15/2020
TC Energy Corp said on Tuesday it would acquire all outstanding shares of TC PipeLines LP in a deal that values the natural gas pipelines operator at about $1.68 billion.
TC PipeLines' common shareholders would receive 0.70 common shares of TC Energy, which represents a 19.5% premium to TC PipeLines' closing price as of Oct. 2, before the initial offer was made.
The deal is expected to close late in the first quarter or early in the second quarter of 2021. TC PipeLines will be wholly-owned by TC Energy and cease to be a publicly-held master limited partnership, once the deal closes.
Keystone pipeline operator TC Energy already owns a 23.96% stake in TC PipeLines, according to Refinitiv data.
Sign up to Receive Our Newsletter
- Digital Exclusive: Evolving pressure relief valve designs protect LNG facilities
- JGC-Hyundai JV awarded EPC contract for major low-carbon LNG plant project in Papua New Guinea
- TC Energy approves $1.5-B Columbia Gas expansion after profit tops estimates
- NextDecade to use Honeywell liquefaction technology for 30-MMtpy LNG terminal
- Wärtsilä continues to expand its data center footprint with new 790 MW order in Texas
Comments