TC Energy to buy TC PipeLines in a deal valuing TCP at $1.5 billion

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TC Energy Corp. announced Monday a deal to buy the rest of the shares of TC PipeLines L.P. in a deal that values the natural gas pipelines company at about $1.48 billion. Under terms of the deal, Houston-based TC Energy will exchange 0.650 of its common shares for each TC PipeLines (TCP) share outstanding, which based on Friday’s closing prices values TCP shares at $27.31 each, a 5.4% premium. TCP’s stock is still untraded in the premarket, while Calgary-based TC Energy’s stock is indicated up a little more than 1%. Year to date, TCP shares have tumbled 38.8% and TC Energy’s stock has declined 21.2%, while the S&P 500 has gained 3.6%.
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