08:24 AM EDT, 07/30/2024 (MT Newswires) -- TC Energy ( TRP ) , trading at 52 week high levels in both Canada and the U.S., on Tuesday said it sold a 5.34% interest in its NGTL natural-gas gathering system and Foothill Pipeline in Western Canada to a group of indigenous investors for a gross purchase price of $1.0 billion. There is an implied enterprise value of approximately $1.65 billion, inclusive of the proportionate share of the Partnership Assets' collective debt.

The company said the buyers represent 72 indigenous communities in British Columbia, Alberta and Saskatchewan. The investment is backed by a equity loan guarantee from the Alberta Indigenous Opportunities Corp.

"The Alberta Indigenous Opportunities Corporation is leading the world with its innovative approach to supporting Indigenous economic opportunity. TC Energy ( TRP ) is proud to be a part of this historic agreement," TC chief executive Francois Poirier said in a release.

The NGTL system is made up of 25,000 kilometers of natural-gas pipelines in Alberta and British Columbia that collect 80% of Western Canada's natural-gas production, while the 1,237-kilometers Foothills pipeline delivers gas to the U.S. border for export.

The company's shares closed down $0.01 to $58.03 Monday on the Toronto Stock Exchange.