Nov. 6, 2015, 8:15 AM
- TransCanada (NYSE:TRP) agrees to sell a 49.9% interest in Portland Natural Gas Limited Partnership its TC PipeLines (NYSE:TCP) MLP for $223M.
- PNGTS is a 295-mile interstate natural gas pipeline that connects with the TransQuebec and Maritimes Pipeline at the Canadian border near East Hereford, Quebec and delivers natural gas to customers in the U.S. northeast.
- TRP will continue to own an 11.8% interest in PNGTS.
Feb. 25, 2015, 8:59 AM
- TC Pipelines (NYSE:TCP) agrees to acquire the remaining 30% interest in Gas Transmission Northwest from its parent company, TransCanada (NYSE:TRP), in a $446M deal.
- The total includes $253M in cash, the assumption of $98M in proportional GTN debt and the issuance of $95M of new Class B units to TRP which will entitle TRP to a distribution based on 30% of GTN's annual cash distributions.
- GTN is a 1,353-mile pipeline that transports natural gas under long-term contracts from the Western Canada Sedimentary Basin and the Rocky Mountains to Washington, Oregon and California.
- TRP says the partnership has the capacity to complete dropdowns in excess of $1B/year.
Sep. 18, 2014, 2:27 PM
- TransCanada (TRP +2.3%) spikes on a Reuters report that it is emerging as a possible M&A target, with several U.S. activist hedge funds reviewing the pipeline operator as a break-up candidate.
- Discussions about a potential campaign are in the early stages, but some of TRP's largest shareholders are said to have been contacted by hedge funds interested in a shake-up.
- The actions also have sparked discussion by TRP's board about its strategic direction, according to the report.
Jun. 17, 2013, 10:59 AM
A 50% cut in Petrominerales' (PMGLF.PK) market value has left its equity and net debt valued at the cheapest multiple to profit among any oil and gas explorer in the world with a market value higher than $250M, according to Bloomberg, which speculates its reserves, estimated at 40M-plus barrels of mostly high-quality light oil, could attract suitors such as Enbridge (ENB), TransCanada (TRP) or Pacific Rubiales (PEGFF.PK).| Jun. 17, 2013, 10:59 AM | 3 Comments
Nov. 20, 2012, 5:02 PM