TC Energy Corporation (TC Energy) and TC PipeLines, LP (TCP) have announced that they have completed the previously announced merger (the Merger) pursuant to an Agreement and Plan of Merger dated 14 December, 2020. The Merger resulted in TC Energy acquiring all of the outstanding publicly-held common units of TCP and TCP becoming an indirect, wholly owned subsidiary of TC Energy.
“We are pleased to have received majority unitholder approval of the merger of TC PipeLines into TC Energy,” said François Poirier, TC Energy’s President and Chief Executive Officer. “The merger will simplify and streamline our corporate structure and increase TC Energy’s ownership in its core portfolio of critical energy infrastructure.”
Effective 3 March, TCP unitholders are entitled to receive 0.70 common shares of TC Energy for each TCP common unit held.
Also effective 3 March, the TCP common units will no longer be listed for trading on the New York Stock Exchange (NYSE). Common shares of TC Energy will continue to trade on both the NYSE and the Toronto Stock Exchange under the symbol TRP.
Read the latest issue of World Pipelines magazine for pipeline news, project stories, industry insight and technical articles.
The March 2021 issue of World Pipelines includes: a regional report on pipeline projects in Asia-Pacific; a summary of the latest and best construction equipment courtesy of the annual Heavy Equipment Review; a welding-focused Q&A; and technical articles on hot tapping, sustainable steel and decommissioning.
Read the article online at: https://www.worldpipelines.com/business-news/04032021/tc-energy-and-tc-pipelines-lp-complete-merger/
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