TRP - TC Energy to acquire TC Pipelines LP
TC Energy Corporation (TRP) has signed an agreement and plan of merger to acquire all the outstanding common units of TC PipeLines, LP (TCP).As a consideration, TCP common unit holders would receive 0.70 common shares of TC Energy for each issued and outstanding publicly-held TCP common unit, representing 19.5% premium to the TCP closing price before the original offer as of October 2, 2020. The transaction is expected to close late in 1Q21 or early 2Q21.Upon closing, TCP will be wholly-owned by TC Energy and will cease to be a publicly-held master limited partnership. "The acquisition of TC PipeLines, LP provides us with the opportunity to consolidate our ownership interest in eight FERC regulated natural gas pipelines that are an integral part of our overall North American network," said Russ Girling, TC Energy President and Chief Executive Officer. "In addition, completion of the transaction will serve to further simplify our
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TC Energy to acquire TC Pipelines, LP