(Bloomberg) -- BlackRock Inc. and Morgan Stanley investment funds agreed to buy TC Energy Corp.’s Portland Natural Gas Transmission System in a deal valued at about $1.14 billion as the world’s largest asset manager bulks up in infrastructure.

The sale by TC Energy and partner Energir LP to BlackRock’s diversified infrastructure business and investment funds managed by Morgan Stanley Infrastructure Partners includes the assumption of $250 million in debt. TC Energy said Monday it will reap pretax cash equity proceeds of about C$740 million ($545 million).

BlackRock is working to become a player in the expanding market for alternative assets, snapping up Global Infrastructure Partners for about $12.5 billion and investing $500 million in an arm of Canadian Solar Inc. just this year. For TC Energy, the sale moves it closer to achieving a goal of selling C$3 billion in assets this year to reduce its debt.

The Portland Natural Gas Transmission System consists of 295 miles (475 kilometers) of natural gas pipelines in northern New England and Atlantic Canada. 

Barclays provided financial advice to TC Energy and Energir on the sale. Bracewell LLP was legal adviser to TC Energy. 

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