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Bloomberg
TC Energy Corp offered to buy all the shares of TC PipeLines LP it doesn’t already own for about $1.48 billion, the latest move to eliminate a master limited partnership structure, a corporate structure once popular in the US pipeline industry.
Investors would receive 0.65 common shares of Calgary-based TC Energy for each unit of TC PipeLines, the companies said.
Spinning out pipeline business into separately listed entities using a tax-efficient partnership model was once a well-trodden path for energy companies to attract US investors.