TC Energy completes sale of 40% interest in Columbia system

Canadian energy infrastructure company TC Energy said October 4 it had completed the sale of a non-controlling 40% equity interest in Columbia Gas Transmission and Columbia Gulf Transmission in the US to Global Infrastructure Partners for total cash proceeds of C$5.3bn (US$3.9bn).

“This sizable transaction is a tangible example of our team’s focus on achieving one of our key 2023 strategic priorities of significantly advancing our deleveraging goals, ahead of our year-end target,” CEO Francois Poirier said.

TC Energy will continue to operate both systems. Net proceeds of the transaction were used to repay existing intercompany debt.