TC PipeLines (TCP) (the Partnership) entered into agreements to acquire an additional 45 percent interest in each of Gas Transmission Northwest LLC (GTN) and Bison Pipeline LLC (Bison) from TransCanada Corporation for an aggregate purchase price of $1.05 billion. The GTN pipeline system transports Western Canadian and Rocky Mountain natural gas for large utilities, producers and marketers in Washington, Oregon, Nevada and California. The Bison pipeline transports Rocky Mountain natural gas to Midwest markets through a connection with TC Pipelines’ Northern Border system. Both the GTN and Bison pipelines are supported by long-term ship-or-pay contracts that extend through the end of the decade. The transaction is expected to close in July 2013, subject to regulatory approvals and customary closing conditions.
