An Indigenous-owned investment partnership agreed to acquire 5.34% stake in NGTL System and Foothills Pipeline Assets from TC Energy Corporation (TSX:TRP) for CAD 1.0 billion on July 30, 2024. The Agreement is backed by the Alberta Indigenous Opportunities Corporation and was negotiated by a consortium committee representing specific Indigenous Communities (Communities) across Alberta, British Columbia and Saskatchewan. The transaction is expected to close in the third quarter of 2024, subject to receipt of Band Council and Settlement Resolutions by participating Communities and financing.

The transaction and transaction size are not contingent on any given Community, nor on all Communities, electing to participate. CIBC Capital Markets acted as financial advisor to TC Energy and Osler, Hoskin & Harcourt LLP as legal counsel. TD Securities acted as financial advisor to the Indigenous-owned investment partnership and Borden Ladner Gervais LLP as legal counsel.