Kinder Morgan Energy selling some assets for $1.8B

Print
Email
|

Associated Press

Posted on August 20, 2012 at 9:00 AM

Updated Monday, Aug 20 at 10:01 AM

HOUSTON (AP) — Kinder Morgan Energy Partners is selling some of its assets to Tallgrass Energy Partners LP for $1.8 billion in cash, a move necessary for Kinder Morgan Inc. to get regulatory approval for its $20 billion buyout of El Paso Corp.

Kinder Morgan Inc. owns the general partner and limited partner interests in Kinder Morgan Energy. Kinder Morgan reached a deal with the Federal Trade Commission in March to sell certain assets in the Rockies in order to get approval for the El Paso transaction.

Kinder Morgan Energy is selling Kinder Morgan Interstate Gas Transmission, Trailblazer Pipeline Co., the Casper-Douglas natural gas processing and West Frenchie Draw treating facilities in Wyoming and its 50 percent stake in the Rockies Express Pipeline. Including debt, the company values the deal at $3.3 billion.

Print
Email
|