TransCanada sells 45% stake in two US pipelines for $1.05 billion
Bison pipeline connects gas from the US Rocky Mountain region to TransCanada's Northern Border system in North Dakota.
CALGARY – TransCanada Corp. is selling a 45% stake in two natural gas pipelines to its US subsidiary for $1.05 billion.
The deal with TC Pipelines LP, one-third owned by TransCanada, involves the Bison and GTN pipelines.
The sale is expected to close in July.
The Bison pipeline connects gas from the US Rocky Mountain region to TransCanada’s Northern Border system in North Dakota.
GTN moves Western Canadian and Rocky Mountain gas to the Western US.
TransCanada CEO Russ Girling says the proceeds from the sale will help fund TransCanada’s capital program, which includes $26 billion in commercially secured projects.
“The transaction demonstrates one of the many funding options available to TransCanada to finance our current capital commitments,” he said.
©The Canadian Press