TC Energy Spin-off Notes
November 30, 2023
- On July 27, 2023, TCE announced that it is going to break up into two public energy companies.
- Under the terms of the transaction, TCE will spin off its Liquids Pipeline and Storage Business. The business generated $14BN in EBITDA in 2022. The spin-off is expected to have an investment grade balance sheet. Growth is expected to be 2-3%.
- The remaining company will be a natural gas pipelines, storage, and power business. It generated $8.5BN in EBITDA in 2022.
- Spin-off slide deck.
- The transaction is expected to be completed by the middle of 2024.
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