TC Energy enters agreement with UGI for its US midstream assets

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TC Energy has entered into an agreement to sell its U.S. midstream assets held by its subsidiary, Columbia Midstream Group, to UGI Energy Services, LLC, a subsidiary of UGI Corporation, for approximately US$1.275 billion.

Columbia Midstream Group, which operates in the Appalachian Basin, owns four natural gas gathering systems and an interest in a company with gathering, processing, and liquids assets. These assets connect production to markets throughout western Pennsylvania, eastern Ohio and northern West Virginia. This sale does not include any interest in Columbia Energy Ventures Company (CEVCO), which is TC Energy’s minerals business in the Appalachian Basin.

TC Energy continues to own and operate its significant network of interstate pipelines in the Appalachian Basin with its Columbia Gas Transmission system, which transports low-cost natural gas supply from the production region to markets in the U.S., including LNG export facilities that serve international markets.

Wells Fargo Securities, LLC acted as exclusive financial advisor to TC Energy on the transaction.

The transaction is expected to close in the third quarter of 2019 subject to closing adjustments and customary regulatory approvals.

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