Calgary-based TC Energy Corp. and TC PipeLines LP announced March 3 that they have completed their previously announced merger.
The companies agreed to the merger, valued at $1.68 billion, on Dec. 14, 2020. The merger resulted in TC Energy acquiring all of the outstanding publicly held common units of TC PipeLines, which is now 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 CEO. “The merger will simplify and streamline our corporate structure and increase TC Energy’s ownership in its core portfolio of critical energy infrastructure.”
Effective March 3, TC PipeLines unitholders are entitled to receive 0.70 common shares of TC Energy for each TC PipeLines common unit held.
Also effective March 3, the TC PipeLines 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.