On July 30, 2024, TC Energy Corporation entered an equity interest purchase agreement with an Indigenous-owned investment partnership for a 5.34% stake in the NGTL System and Foothills Pipeline assets. The transaction, valued at $1 billion, was supported by the Alberta Indigenous Opportunities Corporation (AIOC) and involved Indigenous communities across Alberta, British Columbia, and Saskatchewan. The deal implied an enterprise value of approximately $1.65 billion, including debt.

This historic partnership allows up to 72 Indigenous communities to become equity owners in a 25,000-kilometer network of natural gas infrastructure assets in Western Canada. The investment provides long-term revenue sources, fostering economic sovereignty for Indigenous communities.

François Poirier, CEO of TC Energy, highlighted the significance of Indigenous ownership in promoting economic prosperity. AIOC provided a $1 billion equity loan guarantee to support the partnership. The transaction, expected to close in Q3 2024, will proceed once the participating communities complete their review and authorization.

CIBC Capital Markets served as the financial advisor to TC Energy, with Osler, Hoskin & Harcourt LLP as legal counsel. TD Securities acted as the financial advisor to the Indigenous partnership, with Borden Ladner Gervais LLP providing legal counsel.