$1.15 Billion Deal Signed to Sell Stake in Northern Courier Pipeline

In a signed deal for approximately $1.15 billion, TC Energy Corp. formerly known as TransCanada, will sell an 85 per cent stake in its Northern Courier Pipeline to Alberta Investment Management Corp.

TC Energy will remain the operator of the pipeline and will retain a 15 per cent stake. The transaction is expected to close in the third quarter and the sale will help the company’s efforts to fund its capital program, said TC Energy chief executive Russ Girling.

The 56 miles (90 km) pipeline transports bitumen and diluent between the Fort Hills mine site in northern Alberta and Suncor Energy’s terminal north of Fort McMurray, Alta.

Source:
constructconnect