Energy infrastructure company TransCanada Corp. (TRP.TO, TRP), said Wednesday that it entered into agreements to sell its 45 percent stake in each of Gas Transmission Northwest LLC and Bison Pipeline LLC to TC PipeLines, LP, a U.S.-based Master Limited Partnership. The comapny said it determined the purchase price of the deal at $1.05 billion. The company in a statement added that the consideration paid also includes $146 million, part of Gas Transmission Northwest's debt.
"The proceeds from the sale of a 45 per cent interest in both GTN and Bison will contribute to funding a portion of TransCanada's capital program that includes $26 billion of commercially-secured projects," stated, Russ Girling, chief executive, TransCanada.
The sale which is expected to close in July, will see TransCanada hold nearly 30 per cent direct ownership interest in both pipelines.
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