& Transport pipelines
Pipeline and power company TC Energy Corp to acquire the remaining unitholders of TC PipeLines, LP, from the US Master Limited Partnership it operates, for approximately USD 148 billion (CAN $ 1 97 billion) in actions
The Calgary-based company says it will offer 065 parent company shares for each unit of TC PipeLines, equivalent to $ 2731 per unit based on TC Energy’s Friday closing price and reflecting a 7 5% premium over 20-day volume weighted average price for TC pipelines
The buyout of the 745 percent of the partnership it does not yet own will force TC Energy to issue up to 352 million shares, adding around 37% to its total of 940 million outstanding
In Toronto, TC Energy closed a dime at $ 55.90 after falling as low as 96 cents earlier in the day The stock has fallen more than 25% since hitting a 52-week high close at 76 $ 06 Feb 20
On the New York Stock Exchange, shares of TC Pipelines under the symbol TCP closed 12% at US $ 2902 The partnership has eight interstate pipelines that serve markets in the West, Midwest and Northeast the United States
In a report to investors, analyst Ian Gillies of Stifel FirstEnergy points out that TC Energy would also take US $ 1 9 billion (C $ 2 CAN5 billion) of TC Pipelines’ net debt as part of the transaction
« Since early 2018, the share prices of TRP and TCP have decoupled, with TCP losing its relevance as a funding vehicle, » he said. “As such, it makes sense that TRP consolidates these assets »
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World News – United States – TC Energy Makes $ 2 Billion Offer on US Pipeline Partnership
