M&A · Energy · Natural Gas Transmission
TC Energy Corp to acquire TC Pipelines LP
Announced Dec 15, 2020 · Closed Mar 3, 2021
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- TC Energy Corp (TRP)
- Target
- TC Pipelines LP
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Mar 3, 2021
Deal protections
- Break fee (target pays)
- $25.0M
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- JPMorgan
- To the target
- Evercore
- Evercore fee
- $3.0M
Classification
- Sector
- Energy
- Industry
- Natural Gas Transmission
Timeline
- AnnouncedDec 15, 2020
- Proxy filedJan 26, 2021
- Definitive proxyJan 26, 2021
- Shareholder voteFeb 26, 2021
- ClosedMar 3, 2021
Valuation · fairness opinions
Discounted cash flow$19.79$32.20
Discounted cash flow$18.93$30.01
Discounted cash flow$20.51$35.06
Discounted cash flow$18.85$31.29
Future share price$27.14$35.06
Implied value per TC Pipelines LP share by analysis, from Evercore.