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.
Related News
Related News
Sign up to Receive Our Newsletter
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- 208-Mile Mississippi-to-Alabama Gas Pipeline Moves Into FERC Review
- Court Ruling Allows MVP’s $500 Million Southgate Pipeline Extension to Proceed
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- Kinder Morgan Gas Volumes Climb as Power, LNG Demand Boost Pipeline Business
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
Comments