Keystone

TC Energy Corp. on Monday announced a share swap offer, valued at $1.48 billion, to take over all 76% of the stock of affiliate TC PipeLines LP that is widely held on public financial markets.

The deal would transfer to TC all the master limited partnership (MLP) interests, ranging from 46-100%, in eight pipeline systems that the Calgary firm operates across the United States.

The pipelines within the unit are Gas Transmission Northwest, North Baja, Bison, Tuscarora, Portland Natural Gas Transmission, Northern Border, Iroquois and Great Lakes.

The offer rates units in the U.S. partnership as worth 0.65 of shares in TC at $27.31 each, a 7.5% premium over their 20-day trading average. TC is proposing to buy out all the investors with 35.2 million shares.

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