TC Energy Corporation (TSX, NYSE: TRP) has finalized the spinoff of its Liquids Pipelines business, creating a new entity named South Bow Corporation.
“This is a significant milestone for TC Energy, reinforcing our strategic priority to maximize asset value for our shareholders,” said François Poirier, President and CEO of TC Energy. “We are now a focused natural gas infrastructure and power solutions company, committed to providing secure, affordable, and sustainable energy across North America and beyond.”
As an independent entity, TC Energy aims to enhance its performance by executing a focused strategy to unlock the value of its unique opportunities. The company will concentrate on long-term energy fundamentals and maintain a regulated, low-risk utility-like portfolio.
Poirier expressed well wishes to South Bow, highlighting the importance of diverse energy sources to meet growing demand in North America.
Trading for TC Energy’s common shares will resume under the ticker TRP on the TSX and NYSE on October 2, 2024. Meanwhile, South Bow’s shares will trade under the ticker SOBO on the TSX on the same date, with NYSE trading expected to start around October 8, 2024, pending SEC approval.
