By Michael Dabaie

TC Energy Corp. said it made an offer to acquire all common units of TC PipeLines LP.

Under the proposal, TC PipeLines common unitholders would receive 0.650 common shares of TC Energy for each TC PipeLines common unit, for an implied value of $27.31 per common unit.

The proposed exchange ratio values all TC PipeLines publicly held common units at about $1.48 billion, or 35.2 million TC Energy common shares.

TC PipeLines said that since its general partner is an indirect subsidiary of TC Energy, its board will form a conflicts committee to consider the offer.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

October 05, 2020 07:44 ET (11:44 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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