Pipeline and transportation company TC Energy Corp. is planning to sell minority stakes in ANR Pipeline Co. and its Mexican operation, among other potential transactions, to reduce debt and fund new investments. The combined value of these assets is approximately $10 billion.
-- Pipeline and transportation company TC Energy Corp. is pursuing a multibillion-dollar asset sale plan to reduce debt and fund new investments, according to people familiar with the matter.House Speaker Mike Johnson’s First Big Bill Cuts Biden’s Climate Change FundingS&P 500 Extends Slide From Its July Peak to 10%: Markets Wrap
In all, those assets have a combined value of about $10 billion, although the stake-sale transactions would constitute only a portion of that total, the people said. The decision to look at sales comes amid a wave of pipeline asset transactions this year as companies look to take advantage of increasing free cash flow as usage increases post pandemic. ONEOK agreed to buy Magellan Midstream Partners for almost $19 billion, while Energy Transfer bought Crestwood Equity Partners, both in May, according to data compiled by Bloomberg.
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