logo
Share SHARE
FONT-SIZE Plus   Neg

El Paso Pipeline Partners Gets Offer To Acquire Assets From El Paso Corp

El Paso Pipeline Partners, L.P. (EPB) announced that it has received a proposal from El Paso Corp. (EP) whereby the partnership would purchase from El Paso Corp the remaining 14 percent of Colorado Interstate Gas Company, L.L.C. and all of Cheyenne Plains Investment Company, L.L.C. which owns Cheyenne Plains Gas Pipeline Company, L.L.C.

The proposal is subject to approval by the Board of Directors of El Paso Corporation.

The Board of Directors of EPB's general partner, El Paso Pipeline GP Company, L.L.C. or "EPB GP", has formed a committee made up of independent directors to review the proposal. Following the committee's review, the proposal must also be approved by EPB GP's full Board of Directors, El Paso Pipeline Partners said.

If approved, the transaction is expected to close contemporaneously with Kinder Morgan, Inc.'s acquisition of El Paso Corporation and be immediately accretive to distributable cash flow.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Computer and printer maker Hewlett-Packard Co. said Thursday after the markets closed that its second quarter profit fell 21% from last year, hurt by lower revenue and costs related to the planned separation of the company. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Accounting software maker Intuit reported a plunge in third-quarter profit, hurt by impairment charges, even as results topped Wall Street estimates, driven by growth in small business segment amid a strong tax season. Struggling teen-apparel retailer Aeropostale Inc. (ARO), Thursday said its first-quarter loss narrowed from a year ago, driven largely by stronger margins even as revenues continued to plunge dropped. Nevertheless, the company lost almost one-fifth of its market value in after-hours trade, with the...
comments powered by Disqus
Follow RTT