TC Energy Sells Pipeline Stake to Indigenous Communities for $722 Million
(Reuters) — TC Energy said on Tuesday that it will sell a minority stake in its Nova Gas transmission system and the Foothills pipeline assets for C$1 billion ($722.1 million) to certain indigenous Canadian communities as part of a plan to reduce its debt and fund investments.
The company, best known for its Keystone oil pipeline, is undergoing an overhaul. Last year, it said it would spin off its liquids business to focus on transporting natural gas.
The stake sale is backed by the Alberta Indigenous Opportunities Corporation (AIOC) and was negotiated by a consortium committee representing specific indigenous communities across Alberta, British Columbia and Saskatchewan.
This deal will enable up to 72 indigenous communities closest to the natural gas infrastructure assets spanning western Canada to become equity owners, TC Energy said in a statement.
The transaction is expected to close in the third quarter.
($1 = 1.3848 Canadian dollars)
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