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

Canadian energy company TC Energy said Monday it has reached an agreement to sell a 40% stake in its Columbia Gas Transmission and Columbia Gulf Transmission pipelines for 5.2 billion Canadian dollars ($3.95 billion).

Both pipelines span over 15,000 miles and provide a significant portion of US daily natural gas demand, including about 20% of US liquefied natural gas (LNG) exports, according to TC Energy.

Columbia Gas and Columbia Gulf will reportedly enter into a new joint venture with management company Global Infrastructure Partners (GIP), while TC Energy will continue to operate the pipelines.