OTTAWA - TC Energy Corp. says it has signed a deal to buy out the other unitholders of TC PipeLines LP, a U.S. master limited partnership it operates, after raising its earlier offer.

Under the sweetened proposal, TCP unitholders will receive 0.7 of a TC Energy share for each unit they hold.

TC Energy had offered 0.65 of a share in October.

The company says the deal values TC PipeLines at US$1.68 billion.

The board of directors of the partnership's general partner has approved the agreement.

The deal is expected to close late in the first quarter or early in the second quarter of 2021 subject to the approval by TCP unitholders and regulatory approvals.