By Ketki Saxena
Investing.com -- TC Energy (TSX:TRP) Corp. has announced that its board of directors has approved a plan to spin off its liquids pipelines business, thereby splitting into two separate, publicly traded companies.
The two companies will be a diversified natural gas and energy solutions company, and a liquid pipelines company to connect and secure supply to high demand markets.
In a press release, TC said the move is designed to "unlock shareholder value by providing both companies with the flexibility to pursue their own growth objectives through disciplined capital allocation, enhancing efficiencies and driving operational excellence."
The move comes as the result of a two-year strategic review conducted by the company.