Calgary, Canada–based TC Energy has agreed to sell an 85 percent interest in the Northern Courier Pipeline to Alberta Investment Management Corp. (AIMCo) for approximately $1.15 billion ($852 million).
The 90-kilometer (56-mile) pipeline transports bitumen and diluent between the Fort Hills mine site and Suncor Energy’s terminal located north of Fort McMurray, Alberta, Canada. It has been in service since 2017.
The transaction is expected to close in the third quarter of 2019. TC Energy will continue to hold a 15 percent interest in the pipeline and stay on as its operator.
AIMCo and TC Energy reportedly were in talks for several months regarding the transaction. The acquisition will enable AiMCo to diversify its infrastructure portfolio through greater exposure to Canadian infrastructure assets.
AIMCo more than $115 billion of assets under management and invests globally on behalf of 31 pension, endowment and government funds in the Province of Alberta, Canada.
