Pipeline and storage giant, TransCanada Corp. has spent C$300 million for 50 percent of the newly placed shares of TC Pipelines, the other half now in the hands of U.S. institutional investors, it was understood Thursday.

The money raised will be used to acquire 46 percent of Great Lakes Transmission Ltd. Partnership, although TransCanad’s buy-up of TC equity is conditional on the safe acquisition of Great Lakes, expected by month’s end.

TransCanada, which already owns 59,000 kilometres of pipelines to all of North America’s hydrocarbon basins, will add another 8,000 km of federally regulated trunkline in the Great Lakes purchase.