An equity strategist says TC Energy’s sale of a minority stake in its natural gas pipeline network in Western Canada to a consortium of Indigenous communities is a positive step forward for all parties involved.
Jordan FleguelStephen Ellis, equity strategist at Morningstar Research Services, joins BNN Bloomberg to talk TC Energy and the outlook on the energy sector.TC Energy’s sale of a minority stake in its natural gas pipeline network in Western Canada to a consortium of Indigenous communities“I think it’s a really good deal… I think it’s a win-win-win and I think it makes a lot of sense,” said Morningstar Research Services’ Stephen Ellis in an interview with BNN Bloomberg on Wednesday.
The deal is worth $1 billion, with a total enterprise value inclusive of debt of $1.65 billion, the largest Indigenous equity ownership agreement in Canadian history, according to TC Energy. “I think the key thing there is they’re going to have economic ownership in that pipeline; those Indigenous groups are going to share in the economics of that pipeline and that’s going to be a really important thing to kind of lessen that pushback,” he said.
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