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TC Energy selling Portland Natural Gas Transmission System for US$1.14 billion

CALGARY — TC Energy Corp. and its partner have signed a deal to sell the Portland Natural Gas Transmission System for US$1.14 billion including the assumption of US$250 million in debt.

The buyer is BlackRock, through a fund managed by its diversified infrastructure business, and investment funds managed by Morgan Stanley Infrastructure Partners.

TC Energy holds a 61.7 per cent stake in PNGTS, while a subsidiary of Énergir LP owns 38.3 per cent.

PNGTS is a 475-kilometre natural gas pipeline system that serves the upper New England and Atlantic Canada markets.

It receives natural gas from the Trans Quebec and Maritimes Pipeline via the Canadian Mainline.

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The sale is expected to close in mid-2024, subject to regulatory approvals and customary closing conditions.

This report by The Canadian Press was first published March 4, 2024.

Companies in this story: (TSX:TRP)

The Canadian Press