TC Energy to buy rest of TC PipeLines in $1.48 billion deal

TC PipeLines LP said 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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