El Paso Pipeline Partners, L.P. (EPB: Quote) announced that it has received a proposal from El Paso Corp. (EP: Quote) 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.
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by RTT Staff Writer
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