M&A Deal Summary

TC Energy Acquires Pioneer Pipeline

On June 18, 2020, TC Energy acquired energy services and equipment company Pioneer Pipeline from Tidewater and TransAlta for 255M USD

Acquisition Highlights
  • This is TC Energy’s 6th transaction in the Energy Services and Equipment sector.
  • This is TC Energy’s 5th largest (disclosed) transaction.
  • This is TC Energy’s 2nd transaction in Canada.
  • This is TC Energy’s 1st transaction in Alberta.

M&A Deal Summary
Date 2020-06-18
Target Pioneer Pipeline
Sector Energy Services and Equipment
Buyer(s) TC Energy
Sellers(s) Tidewater
TransAlta
Deal Type Divestiture
Deal Value 255M USD

Target

Pioneer Pipeline

Calgary, Alberta, Canada
Pioneer Pipeline is a 20 inch, 120km pipeline that provides approximately 130MMcf/d of natural gas.

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Buyer(S) 1

Buyer

TC Energy

Calgary, Alberta, Canada
Category Company
Founded 1951
Sector Energy Services and Equipment
Employees7,000
Revenue 15.9B CAD (2023)
DESCRIPTION

TC Energy is a provider of energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TC Energy was incorporated in 1951 and is based in Calgary, Alberta.

DEAL STATS #
Overall 11 of 12
Sector (Energy Services and Equipment) 6 of 7
Type (Divestiture) 8 of 8
State (Alberta) 1 of 1
Country (Canada) 2 of 2
Year (2020) 1 of 2
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-26 Coastal GasLink

Vancouver, British Columbia, Canada

Coastal GasLink transports natural gas to the approved LNG Canada facility near Kitimat. Coastal GasLink Pipeline Project involves the estimated CAD $6.6 billion construction of 670 kilometers (416 miles) of the natural gas pipeline and associated facilities. Coastal GasLink is based in Vancouver, British Columbia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-15 TC PipeLines

Houston, Texas, United States

TC PipeLines LP invests in long-life, critical energy infrastructure that provides reliable delivery of clean-burning natural gas. Natural gas infrastructure is deeply interwoven into the U.S. economy – its industry touches nearly every other industry and success supports the success of many businesses, big and small. Natural gas and its associated infrastructure also complement renewables, and therefore are key to achieving national and global environmental aspirations. TC PipeLines was founded in 1998 and is based in Houston, Texas.

Buy -

Seller(S) 2

SELLER

Tidewater

Calgary, Alberta, Canada
Category Company
Founded 2015
Sector Oil/Gas Exploration
Employees392
Revenue 2.2B CAD (2023)
DESCRIPTION

Tidewater is a diversified midstream and energy infrastructure business with transmission, transportation, processing, marketing, and terminalling assets across Alberta and B.C. Tidewater provides solutions to upstream oil and gas producers to efficiently and sustainably get their products to market using Tidewater’s unique and integrated asset base. Tidewater was founded in 2015 and is based in Calgary, Alberta.

DEAL STATS #
Overall 1 of 2
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 2
State (Alberta) 1 of 2
Country (Canada) 1 of 2
Year (2020) 1 of 2
Size (of disclosed) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-01 TransAlta - Pioneer Pipeline

Calgary, Alberta, Canada

TransAlta Corp. - Pioneer Pipeline provides reliable natural gas supply to the Company's power generation stations at Sundance and Keephills.

Sell CA$255M
SELLER

TransAlta

Calgary, Alberta, Canada
Category Company
Founded 1909
Sector Utilities
Employees1,257
Revenue 3.4B CAD (2023)
DESCRIPTION

TransAlta is a power generation and wholesale marketing company focused on creating long-term shareholder value. TransAlta’s focus is to efficiently operate wind, hydro, natural gas and coal facilities in order to provide customers with a reliable, low-cost source of power. TransAlta was incorporated in 1909 and is based in Calgary, Alberta.

DEAL STATS #
Overall 1 of 3
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 3
State (Alberta) 1 of 3
Country (Canada) 1 of 3
Year (2020) 1 of 3
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-01 Canadian Hydro Developers

Calgary, Alberta, Canada

Canadian Hydro Developers, Inc. is a diversified developer, owner, and operator of 21 renewable energy generation facilities in Canada totaling net 694 MW of capacity in operation, 160 MW in and nearing construction, and 6,060 MW in development.

Buy $1.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-01 TransAlta - Pioneer Pipeline

Calgary, Alberta, Canada

TransAlta Corp. - Pioneer Pipeline provides reliable natural gas supply to the Company's power generation stations at Sundance and Keephills.

Sell CA$255M
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