TC PipeLines, LP (NYSE:TCP) (the Partnership) today announced the closing of its previously announced acquisition of a 49.3 percent interest in Iroquois Gas Transmission System, LP (Iroquois) from subsidiaries of TransCanada Corporation (NYSE:TRP) (TransCanada) together with TransCanada's remaining 11.8 percent interest in Portland Natural Gas Transmission System (PNGTS) for a total purchase price of approximately $765 million, effective June 1, 2017. The acquisition is expected to be immediately accretive to the Partnership's earnings and distributable cash flow.
About TC PipeLines, LP
TC PipeLines, LP is a Delaware master limited partnership with interests in eight federally regulated U.S. interstate natural gas pipelines which serve markets in the Western, Midwestern and Northeastern United States. The Partnership is managed by its general partner, TC PipeLines GP, Inc., a subsidiary of TransCanada. For more information about TC PipeLines, LP, visit the Partnership's website at www.tcpipelineslp.com.
SOURCE: TC PipeLines, LP
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