Kirkland Advises TC PipeLines on Merger with TC Energy for $1.68 Billion

Kirkland & Ellis counseled the conflicts committee of the board of directors of the general partner of TC PipeLines, LP (NYSE: TCP) on the definitive agreement and plan of merger pursuant to which TC Energy Corporation (TSX, NYSE: TRP) will acquire all the outstanding common units of TCP not beneficially owned by TC Energy or its affiliates in exchange for TC Energy common shares. Pursuant to the agreement, TCP common unitholders would receive 0.70 common shares of TC Energy for each issued and outstanding publicly-held TCP common unit, representing  a 19.5 per cent premium to the TCP closing price before the original offer as of October 2, 2020. The exchange ratio reflects a value for all the publicly-held common units of TCP of approximately $1.68 billion, or 38 million TC Energy common shares based on the closing price of TC Energy’s common shares on the New York Stock Exchange on December 14, 2020.

Read TC PipeLine’s press release

The Kirkland team was led by transactional partners Sean Wheeler, Kim Hicks and Cephas Sekhar.