Canadian pipeline company TransCanada Corp. (NYSE: TRP) said it will sell a 49.9% stake in a U.S. natural gas pipeline to its MLP, TC PipeLines LP (NYSE: TCP), for $223 million.
The stake sale in Portland Natural Gas LP (PNGTS) would include $188 million in cash and debt of $35 million, the company said on Nov. 6.
TransCanada owns a 61.7% stake in PNGTS, which delivers natural gas to the U.S. northeast.
Proceeds will be used to fund TransCanada's capital program and further diversify the partnership's asset base, "positioning it for continued growth," said Russ Girling, TransCanada's president and CEO, in a statement.
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