(Calgary) TC Energy announced that it and its partner have successfully completed the sale of its Portland natural gas transmission system.
Earlier this year, the companies announced they were selling the US pipeline for US$1.14 billion to a BlackRock fund and investment funds managed by Morgan Stanley Infrastructure Partners.
The partner, Northern New England Investment Company, is a subsidiary of Énergir LP
The purchase price includes the assumption of a debt of US$250 million.
TC Energy said the cash proceeds would be split based on the two partners’ pre-sale interests, with the Calgary company holding 61.7% and Énergir 38.3%.
TC Energy President and CEO François Poirier said the completion of the transaction brings the company closer to its objectives, including achieving $3 billion in asset disposals.