TC Energy launches South Bow Corp. as independent crude oil pipeline business

CALGARY – TC Energy Corp. has completed its spinoff of South Bow Corp., its crude oil pipelines business, as an independent company.

The move is the result of a strategic review in which the company considered its options including the potential sale of the oil pipelines business.

The decision by TC Energy is part of a plan to focus on natural gas infrastructure as well as nuclear, pumped hydro energy storage and new low-carbon energy opportunities.

South Bow common shares were distributed Tuesday to TC Energy shareholders of record on Sept. 25.

Shareholders received one South Bow common share for every five TC Energy common shares owned.

South Bow’s common shares are expected to start trading on the Toronto Stock Exchange on Wednesday under the ticker symbol SOBO. Trading on the New York Stock Exchange is expected to start on or about Oct. 8.

This report by The Canadian Press was first published Oct. 1, 2024.

Companies in this story: (TSX:TRP, TSX:SOBO)