CALGARY — TC Energy Corp. announces that the Company and its partner have successfully completed the sale of the Portland Natural Gas Transmission System.

Earlier this year, the companies announced they would sell the U.S. pipeline to a BlackRock fund and mutual funds managed by Morgan Stanley Infrastructure Partners for $1.14 billion.

The partner, Northern New England Investment Company, is a subsidiary of Énergir LP

The purchase price includes the assumption of debt amounting to 250 million US dollars.

TC Energy says the proceeds will be split according to the ownership shares of the two partners before the sale. The Calgary-based company owns 61.7 percent and Énergir 38.3 percent.

According to François Poirier, President and CEO of TC Energy, the completion of the transaction brings the company closer to achieving its objectives, which include the divestment of assets valued at $3 billion.

This report by The Canadian Press was first published August 15, 2024.

Companies in this story: (TSX:TRP)

The Canadian Press