(Bloomberg) -- Pipeline operator TC Energy Corp. delayed the sale of a minority interest in a natural gas pipeline system in western Canada to an Indigenous investment group.
“An identified transaction structuring issue” has stalled the deal, Calgary-based TC Energy said in a news release, without giving details.
An Indigenous consortium is trying to buy a 5.3% interest in a network of natural gas infrastructure assets that spans 25,000 kilometers (15,530 miles). Bloomberg News reported on Monday that a C$1 billion ($737 million) bond deal to finance the purchase had failed to close. The debt was sold last week.
“The company is focused on developing a transaction that delivers meaningful distributions to Indigenous communities while upholding the fundamental value of the NGTL System and the Foothills Pipeline assets,” TC Energy said, adding that it will give more updates as they become available.
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