TC PipeLines LP (NYSE: TCP) announced Feb. 25 it will acquire the remaining interest in Gas Transmission Northwest LLC (GTN) for $446 million.
The Houston-based company said it entered into an agreement on Feb. 24 to buy the remaining 30% interest in GTN from TransCanada Corp. (NYSE, TSE: TRP).
The transaction is comprised of of $253 million in cash, the assumption of $98 million in proportional GTN debt and the issuance of $95 million of new class B units to TransCanada. The company plans to fund the cash portion of the transaction through the issuance of debt and common equity.
The transaction was approved by the goard of directors of the general partner, based on approval and recommendation from the board's conflicts committee which is comprised entirely of independent directors.
Deutsche Bank was financial adviser to TC PipeLines. Orrick, Herrington & Sutcliffe LLP was its legal counsel and Wood Mackenzie was natural gas market outlook advisor.
The transaction is expected to close on April 1.
Recommended Reading
Utica’s Encino Adds Former Marathon Director to Board
2024-12-16 - Brent J. Smolik, who most recently served on Marathon Oil’s board until its merger with ConocoPhillips, will join Encino Acquisition Partners as a director.
Former IPAA Chair Steven Hinchman Dies at 66
2025-01-03 - During his time with IPAA, Steven Hinchman founded Scala Energy and became its president and CEO.
Utica Oil’s Infinity IPO Values its Play at $48,000 per Boe/d
2025-01-30 - Private-equity-backed Infinity Natural Resources’ IPO pricing on Jan. 30 gives a first look into market valuation for Ohio’s new tight-oil Utica play. Public trading is to begin the morning of Jan. 31.
Utica Oil E&P Infinity Natural Resources’ IPO Gains 7 More Bankers
2024-11-27 - Infinity Natural Resources’ IPO is expected to provide a first-look at the public market’s valuation of the Utica oil play.
Devon Energy Announces Changes to Executive Leadership Team
2025-01-13 - Among personnel moves, Devon Energy announced John Raines and Trey Lowe have been promoted to senior vice president roles.