TC Energy to Acquire TC PipeLines in $1.68B Deal
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.
The total represents a premium over an October offer that valued the company at $1.48 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.
– Staff & wire report
Related News
Related News
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Three Killed, Two Injured in Accident at LNG Construction Site in Texas
- Tallgrass to Build New Permian-to-Rockies Pipeline, Targets 2028 Startup with 2.4 Bcf Capacity
- TC Energy Approves $900 Million Northwoods Pipeline Expansion for U.S. Midwest
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- Enbridge Adds Turboexpanders at Pipeline Sites to Power Data Centers in Canada, Pennsylvania
- Great Basin Gas Expansion Draws Strong Shipper Demand in Northern Nevada
- Cheniere Seeks FERC Approval to Expand Sabine Pass LNG Facility
- Heath Consultants Exits Locate Business to Expand Methane Leak Detection Portfolio
Comments