TransCanada potentially looking to sell Columbia Midstream unit as part of efforts to help finance the US$8 billion earmarked to spend on new projects in 2019
Pipeline operator TransCanada Corp is exploring a potential sale of its Columbia Midstream unit in a deal that could value the business at about US$1 billion, three sources aware of the matter said on Friday.
A sale of Columbia Midstream is not guaranteed, and TransCanada’s plans could still change, the sources cautioned, asking not to be named because the information is private.Columbia Midstream’s assets include four gathering systems and a pipeline in eastern Ohio and western Pennsylvania, according to the company’s website.
Private equity firms, infrastructure and pension funds have all viewed pipeline assets as attractive acquisitions because of their steady financial returns.TransCanada is also selling a package of mineral rights in the same area, located in the Appalachian region of the eastern United States, which would raise further cash for the company, one of the sources said.
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