TRP TC Energy Corporation

By Michael Dabaie

TC PipeLines LP shares were up 11% to $28.66 in afternoon trading.

TC Energy Corp. before the market open said it made an offer to acquire all common units of TC PipeLines LP in a deal that values the company at about $1.5 billion.

Under the proposal, TC PipeLines common unitholders would receive 0.650 common shares of TC Energy for each TC PipeLines common unit, for an implied value of $27.31 per common unit.

The exchange ratio values all TC PipeLines publicly held common units at about $1.48 billion, or 35.2 million TC Energy common shares.

TC PipeLines said that since its general partner is an indirect subsidiary of TC Energy, its board will form a conflicts committee to consider the offer.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

October 05, 2020 14:01 ET (18:01 GMT)

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