TC Energy headquarters in Calgary, Alta. on July 30. TC Energy Corp. says it and its partner Northern New England Investment Company successfully completed the sale of Portland Natural Gas Transmission System. THE CANADIAN PRESS/Todd Korol
CALGARY – TC Energy Corp. says it and its partner have successfully completed the sale of Portland Natural Gas Transmission System.
Earlier this year, the companies announced they were selling the U.S. pipeline for US$1.14 billion to a BlackRock fund and investment funds managed by Morgan Stanley Infrastructure Partners.
The partner, Northern New England Investment Company, is a subsidiary of Énergir L.P.
The purchase price includes the assumption of US$250 million in debt.
TC Energy says cash proceeds will be split according to the two partners’ ownership interests prior to the sale, with the Calgary-based company owning 61.7 per cent and Énergir holding 38.3 per cent.
TC Energy president and CEO François Poirier says completing the transaction takes the company closer to achieving its goals, including delivering on $3 billion in asset divestitures.
This report by The Canadian Press was first published August 15, 2024.
Companies in this story: (TSX:TRP)
