TC Energy To Sell 65% Equity Interest In Coastal GasLink - Quick Facts

(RTTNews) - KKR, a global investment firm, has agreed to acquire, alongside Alberta Investment Management Corp., a 65 percent equity interest in the Coastal GasLink Pipeline Project from TC Energy Corp. Coastal GasLink involves an estimated C$6.6 billion construction of 416 miles of natural gas pipeline and associated facilities.

"The partial monetization of Coastal GasLink advances our ongoing efforts to prudently fund our $30 billion secured capital program while maximizing value for our shareholders," said Russ Girling, TC Energy CEO.

TC Energy expects to record an after-tax gain of approximately $600 million upon closing of the deal.