TC Energy Corporation and TC PipeLines, LP have completed the previously announced merger.
The merger resulted in TC Energy acquiring all of the outstanding publicly-held common units of TCP and TCP becoming an indirect, wholly owned subsidiary of TC Energy.
François Poirier, TC Energy president and chief executive officer, said the merger will simplify and streamline the company’s corporate structure and increase TC Energy’s ownership in its core portfolio of critical energy infrastructure.
“We are pleased to have received majority unitholder approval of the merger of TC PipeLines into TC Energy,” he said.
TCP unitholders are entitled to receive 0.70 common shares of TC Energy for each TCP common unit held effective today.
As well the TCP common units will no longer be listed for trading on the New York Stock Exchange. Common shares of TC Energy will continue to trade on both the NYSE and the Toronto Stock Exchange under the symbol TRP.