Pipeline operator TransCanada Corp is exploring a potential sale of its Columbia...
NEW YORK - Pipeline operator TransCanada Corp is exploring a potential sale of its Columbia Midstream unit in a deal that could value the business at about $1 billion, three sources aware of the matter said on Friday.
TransCanada, based in Calgary, Alberta, is offloading parts of its infrastructure to help finance the $8 billion it has earmarked to spend on new projects in 2019, such as the high-profile Coastal GasLink system and the Keystone XL pipeline, which are likely to generate higher returns than these legacy assets.
The unit generates around $100 million of earnings before interest, tax, depreciation and amortization annually , and could be valued at a multiple of 10 times that amount, the three sources said. Mineral rights grant the holder the ability to extract hydrocarbons from certain acreage, although the title to that land is held by another party.
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