TC Energy to Buy Rest of TC PipeLines in $1.48 Billion Deal
10/5/2020
(Reuters) — TC PipeLines said on Monday top shareholder TC Energy Corp offered to buy the rest of the natural gas pipelines operator in a deal that valued the company at about $1.48 billion.
Keystone pipeline operator TC Energy owns a 23.96% stake in TC PipeLines, according to Refinitiv data.
TC PipeLines common shareholders will receive 0.650 common shares of TC Energy, representing a value of $27.31 per share, a premium of 5.4% to TC PipeLines' Friday close.
As the general partner of TC PipeLines is an indirect subsidiary of TC Energy, a committee consisting of independent directors will be formed to review the offer, the company said.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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