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TC Energy CEO Russ Girling addresses the company's annual meeting in Calgary on May 3, 2019.Jeff McIntosh/The Canadian Press

TC PipeLines LP said on Monday top shareholder TC Energy Corp. offered to buy the rest of the natural gas pipelines operator in a deal that valued the company at about US$1.48-billion.

Keystone pipeline operator TC Energy owns a 23.96-per-cent stake in TC PipeLines, according to Refinitiv data.

TC PipeLines common shareholders will receive 0.650 common shares of TC Energy, representing a value of US$27.31 per share, a premium of 5.4 per cent to TC PipeLines' Friday close.

As the general partner of TC PipeLines is an indirect subsidiary of TC Energy, a committee consisting of independent directors will be formed to review the offer, the company said.

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