- TransCanada (NYSE:TRP +0.1%) says it is offering to sell its 49.3% interest in the Iroquois gas transmission system and the remaining 11.8% stake it holds in the Portland natural gas transmission system to its TC PipeLines (TCP -2%) MLP.
- TCP, whose board still must approve the offer, says the deal would strengthen its cash flows and its ability to increase quarterly distributions this year in line with recent increases.
- TRP had sold a 49.9% stake in the Portland pipeline to TCP in January 2016.