BlackRock and Morgan Stanley Acquire TC Energy's Portland Pipeline for $1.14 Billion

The strategic sale is part of TC Energy's broader initiative to reduce debt and strengthen its balance sheet.

BlackRock and Morgan Stanley have agreed to purchase TC Energy's Portland Natural Gas Transmission System for $1.14 billion, including $250 million in debt.
The transaction is expected to be completed by mid-2024, subject to regulatory approvals and customary closing conditions.
TC Energy aims to enhance its balance sheet by delivering approximately $3 billion in asset divestitures as part of its 2024 strategic priorities.
The sale of the Portland pipeline is a step towards achieving TC Energy's goal of a 4.75 times debt-to-EBITDA ratio by year-end.
Shares of Morgan Stanley and BlackRock saw gains following the announcement, while TC Energy's shares remained relatively unchanged.