TransCanada Corporation has entered into an agreement to sell a 49.9 percent interest in Portland Natural Gas Limited Partnership (PNGTS) to its master limited partnership, TC PipeLines, LP, for a purchase price of US$223 million. The sale is expected to close at the end of 2015, upon satisfaction of closing conditions.

'The PNGTS transaction is a continuation of our strategy to drop down the remainder of TransCanada's U.S. natural gas pipeline assets to the TC PipeLines partnership,' said Russ Girling, TransCanada's president and chief executive officer. 'Asset sales to the partnership provide TransCanada with cash proceeds to help fund our capital program and further diversify the partnership's asset base, positioning it for continued growth.'

Tags: TransCanada Corporation