TC Energy closes sale of 40 per cent stake in Columbia gas and gulf pipelines

TC Energy Corp. says it has closed its previously announced sale of a 40 per cent stake in its Columbia Gas Transmission and Columbia Gulf Transmission systems to New York City-based Global Infrastructure Partners for $5.3 billion.

The proceeds from the all-cash sale will be used to pay down some of TC Energy's debt.

The Calgary-based pipeline company had announced an asset divestiture program last fall, stating at the time it would seek to sell off at least $5 billion in non-core assets by the end of 2023.

The Columbia Gas and Columbia Gulf pipelines span more than 24,000 kilometres across North America.