TC Energy Corp. TRP, -3.52 % TRP, -3.68 % announced Monday that it had agreed to sell a 40 pct interest in Columbia Gas Transmission LLC, and Columbia Gulf Transmission LLC, to the private equity firm Global Infrastructure Partners for C$5.2billion ($3.9billion) in cash. TC Energy will operate the pipelines, while TC Energy and GIP jointly invest in annual maintenance and modernization. They will also provide growth capital for the system to increase capacity. GIP will fund 40% of the gross capital expenditures of over C$1.3 billion per year for the next three-year period. Francois Poirier, CEO of TC Energy, said that the company is continuing to assess opportunities to reduce debt and fund their capital program. GIP CEO Bayo Obunlesi said, “We are excited about the joint venture’s potential to use the combined assets and abilities of TC Energy to meet the growing market demand for cleaner fuels and energy security. TC Energy’s stock increased fractionally during premarket trading on Monday. The Columbia Gas pipeline and the Columbia Gulf Pipeline transport natural gas products across more than 15000 miles of North America. The stock has fallen 0.8% by 2023, excluding Monday’s trading.