TC Energy to sell 40% interest in Columbia Gas and Columbia Gulf pipelines

NEW YORK: TC Energy said on Monday it has entered into an agreement to sell a 40% interest in its Columbia Gas Transmission and Columbia Gulf Transmission pipelines for C$5.2 billion ($3.95 billion).

Both the pipelines span more than 15,000 miles and deliver a substantial portion of daily U.S. natural gas demand, including about 20% of U.S. liquefied natural gas (LNG) export supply, according to TC Energy.

Columbia Gas and Columbia Gulf will be held in a new joint venture partnership with fund manager Global Infrastructure Partners (GIP) and TC Energy will continue to operate the pipelines.