AIMCo to buy 85 pct of Northern Courier Pipeline in $1.15 bln deal
Alberta Investment Management Corp (AIMCo) has agreed to acquire an 85 percent interest in Northern Courier Pipeline, a 90-kilometre Alberta pipeline system. The seller is Calgary-based energy company TC Energy Corp (TSX, NYSE: TRP), which in a separate release said it expects to realize proceeds of about $1.15 billion. Following the deal's close, expected in Q3 2019, TC Energy will hold a 15 percent stake in the pipeline and remain its operator. Completed in 2017, Northern Courier transports bitumen and diluent between the Fort Hills mine site and Suncor Energy's terminal north of Fort McMurray. AIMCo Senior Vice President Ben Hawkins said the acquisition will add geographic diversity to the Canadian pension system's infrastructure portfolio.
