Kinder Morgan Energy Partners L.P. (KMP: Quote) has reached a purchase and sale agreement with Tallgrass Energy Partners LP to divest Kinder Morgan Interstate Gas Transmission, Trailblazer Pipeline Company, the Casper-Douglas natural gas processing and West Frenchie Draw treating facilities in Wyoming and the company's 50 percent stake in the Rockies Express Pipeline. KMP would receive nearly $1.8 billion in cash from the transaction, which is equivalent to $3.3 billion, including the proportionate amount of REX debt.
Tallgrass is owned by The Energy & Minerals Group, Kelso & Co. and the management team of Tallgrass, including CEO David Dehaemers, Jr. Barclays and Citi acted as financial advisors to KMP on this transaction.
During March 2012, Kinder Morgan Inc. (KMI: Quote) said it had signed a deal with the FTC to divest certain KMP assets in the Rockies in order to obtain regulatory approval of its acquisition of El Paso Corporation, which closed in May.
Click here to receive FREE breaking news email alerts for Kinder Morgan Energy Partners LP and others in your portfolio
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Business News