TransCanada Selling NatGas Pipeline Stake

Canadian pipeline company TransCanada Corp said it will sell a 49.9 percent stake in a U.S. natural gas pipeline to its master limited partnership, TC PipeLines LP, for $223 million.

The stake sale in Portland Natural Gas Limited Partnership (PNGTS) would include $188 million in cash and debt of $35 million, the company said on Friday.

TransCanada owns a 61.7 percent stake in PNGTS, which delivers natural gas to the U.S. northeast.

Reporting by Manish Parashar