TC Energy to acquire the remaining 76% stake in TC PipeLines for $1.68bn.

TC Energy, an energy company, agreed to acquire the remaining 76% stake in TC PipeLines, a Delaware master limited partnership with interests in eight federally regulated US interstate natural gas pipelines, for $1.68bn. The transaction is expected to close late in the first quarter or early in the second quarter of 2021 subject to the approval by the holders of a majority of outstanding common units of TCP and customary regulatory approvals. The conflicts committee, composed of independent directors of the partnership’s general partner, after consultation with its independent legal and financial advisors, unanimously approved the merger agreement and determined it to be in the best interests of the partnership and its unaffiliated unitholders. Subsequently, the board of directors of the partnership’s general partner approved the merger agreement and determined it to be fair and reasonable and in the best interests of the partnership. On February 26, 2021; TC Energy and TC PipeLines shareholders approve the $1.68bn merger.