Acquisition of 85% equity stake in the Northern Courier Pipeline
Torys acted as counsel to Alberta Investment Management Corporation (AIMCo) in its acquisition of an 85% equity stake in the Northern Courier Pipeline from TC Energy Corporation.
On May 28, 2019, TC Energy Corporation ("TC Energy") announced that it entered into an agreement to sell an 85% equity interest in Northern Courier Pipeline to AIMCo.
Northern Courier Pipeline is 90 km (56 mile) pipeline system transporting bitumen and diluent between the Fort Hills mine site and Suncor Energy's terminal located north of Fort McMurray, Alberta.
Following closing of the transaction on July 19, 2019, TC Energy holds a 15% aggregate interest in Northern Courier Pipeline and remains the operator of the pipeline.
Further information can be found on GlobeNewswire's website.
The Torys team included Neville Jugnauth, Derek Flaman, David Cuschieri, Amy Maginley, Jessie Mann and David Kolesar (corporate/M&A/debt finance) and Craig Maurice (tax).
Torys also acted on the following in connection with this project:
- AIMCo (Alberta Investment Management Corporation), as the controlling shareholder in Northern Courier Pipeline, in the exercise of an option by Astisiy Limited Partnership—a partnership between Suncor and eight Indigenous communities—to acquire the remaining 15% equity interest in the pipeline
| Jurisdiction | Wood Buffalo |
| Province/State | Alberta |
| Country | Canada |
| Nature of Engagement | M&A |
| Client | Alberta Investment Management Corporation (AIMCo) |
| Client Role | Acquiror |