Shareholder information
Separation from TC Energy is in progress with an anticipated close date between late Q3 2024 and mid-Q4 2024. For historical information related to the South Bow spinoff, please visit TC Energy | South Bow Spinoff. TC Energy shareholders are not required to take any immediate action.
Tax information
The transaction is generally expected to be tax-free to TC Energy’s – and now South Bow’s – Canadian and U.S. shareholders as well as the company and its affiliates. TC Energy has shareholders across the globe, many of whom have unique tax profiles. We encourage you to seek tax advice for your particular situation.
Dividends
The initial combined dividends of TC Energy and South Bow will be equivalent to TC Energy’s annual dividend immediately prior to the completion of the spinoff, with the expected dividend split being 14% for South Bow and 86% for TC Energy. Following the spinoff, future dividends will be at the discretion of each company’s board of directors.
Treatment of South Bow Shares
TC Energy shareholders will receive 0.2 of a South Bow common share and one new TC Energy common share for each common share of TC Energy held as of the distribution record date. The distribution record date will be communicated via press release in the coming weeks. The spinoff is expected to be tax-free for TC Energy’s Canadian and U.S. shareholders.