Energy Transfer’s stock gains after deal to sell majority stake in Energy Transfer Canada

Shares of Energy Transfer L.P.
ET,
+3.58%
rose 0.8% in premarket trading Tuesday, after the provider of natural gas pipeline transportation services said it agreed to sell its 51% stake in Energy Transfer Canada ULC for C$1.6 billion ($1.3 billion) to a joint venture which includes Pembina Pipeline Corp.
PBA,
+1.71%
PPL,
+1.58%
and funds managed by KKR & Co. Inc.
KKR,
-1.46%.
Energy Transfer said it expects the deal to close by the third quarter of 2022. The company expects the stake sale to result in cash proceeds of C$340 million ($270 million). Energy Transfer’s stock has soared 24.3% over the past three months through Monday, while the S&P 500
SPX,
-0.24%
has declined 3.1%.