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TC Energy said it would buy all the shares of TC PipeLines LP it doesn’t already own for about $1.48 billion as the company seeks to simplify its operating structure.
This move would eliminate a master limited partnership structure.
Investors would receive 0.65 common shares of Calgary-based TC Energy for each unit of TC PipeLines, the companies said Monday.
Other MLPs have followed the same strategy since last year.
- DCP Midstream LP eliminated special payouts in November.
- Hess Midstream Partners LP, in a $6.2 billion deal said it would ditch its MLP structure as well.
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