March 11, 2024 | 1 minute read

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.

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Bracewell lawyers involved in the transaction included:

Partners: Lytch T. Gutmann, Mark K. Lewis, Rebecca Keep, Jason M. Jean, Elizabeth L. McGinley, Bucky Brannen, Daniel E. Hemli, Amber K. Dodds, Scott C. Sanders and Jeffrey B. Andrews

Counsel: Jacqueline R. Java

Associates: Shannon Baldwin, Chase V. Edmunds and Kathryn F. Penry