Shares of Energy Transfer L.P. ET, +3.01% 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, +2.72% PPL, +2.67% and funds managed by KKR & Co. Inc. KKR, -1.33%. 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, -0.63% has declined 3.1%.
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