TC Energy Sells 40% Stake in U.S. Natural Gas Pipelines for $3.9 Billion

TC Energy has agreed to sell 40% of its Columbia Gas and Columbia Gulf pipelines in the U.S. to Global Infrastructure Partners (GIP) for $3.9 billion in cash. The sale will accelerate TC Energy's debt reduction program, while GIP will fund its share of capital expenditures. TC Energy will continue to operate the pipelines, which deliver a significant portion of daily U.S. natural gas demand, including 20% of the supply for U.S. LNG exports. The company aims to monetize assets to reduce debt and cover cost overruns at other pipeline projects.