05:33 PM EDT, 06/04/2024 (MT Newswires) -- TC Energy ( TRP ) late Tuesday said its shareholders voted in favor of the proposed spinoff of its liquids pipelines business South Bow as a standalone business.

As structured, investors will receive a new TC Energy ( TRP ) common share and 0.2 of a share in the new company for each share they now own in the Canadian pipelines company. The deal, which is still subject to regulatory approvals in the US and Canada, is expected to close late in the company's Q3 or early in Q4.

TC Energy ( TRP ) shareholders also voted to return all 13 director nominees to the board.

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