Bracewell Advises TC Energy in Sale of Portland Natural Gas Transmission System

Back to All Thought Leadership

HOUSTON – Bracewell LLP is advising TC Energy in its entry into a purchase and sale agreement to sell, together with its partner Northern New England Investment Company, Inc., a subsidiary of Énergir L.P., Portland Natural Gas Transmission System (PNGTS) to BlackRock, through a fund managed by its Diversified Infrastructure business, and investment funds managed by Morgan Stanley Infrastructure Partners, for a gross purchase price of $1.14 billion, which includes the assumption of $250 million of outstanding senior notes held at PNGTS. This transaction implies a valuation of approximately 11 times reported 2023 comparable EBITDA. The transaction is expected to close in mid-2024, subject to the receipt of regulatory approvals and customary closing conditions.