By Stephen NakrosisTC Energy plans to spin off its liquids pipeline business into a separately traded, investment-grade company, the company said Thursday. The board-approved plan will see the liquids pipeline business spun off on what is expected to be a tax-free basis, TC said. Following the spin-off, TC Energy will focus on natural gas infrastructure and power and energy solutions. François Poirier will remain as president and chief executive officer of TC Energy, the company said. Bevin Wirzba, currently TC Energy's EVP and Group Executive, Canadian Natural Gas and Liquids Pipelines, will serve as the spin-off's president and CEO.

Source: Wall Street Journal July 28, 2023 09:21 UTC