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.