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KMP Closes The Asset Sale with Tallgrass Energy Partners

Source: www.gulfoilandgas.com 11/13/2012, Location: North America

Kinder Morgan Energy Partners, L.P. (KMP), announced that it has closed the previously announced transaction with Tallgrass Energy Partners, LP (Tallgrass) to sell Kinder Morgan Interstate Gas Transmission (KMIGT), Trailblazer Pipeline Company, the Casper-Douglas natural gas processing and West Frenchie Draw treating facilities in Wyoming, and the company’s 50 percent interest in the Rockies Express Pipeline (REX). KMP received approximately $1.8 billion in cash from the transaction. Including the proportionate amount of REX debt, this amount is equivalent to a value of $3.3 billion. All proceeds will be used to retire debt.

“The employees of the entities being divested truly went the extra mile to get this transaction across the finish line, and I appreciate their diligence and hard work,” said Kinder Morgan Chairman and CEO Richard D. Kinder. “Furthermore, I want to thank them for their outstanding service as Kinder Morgan employees.” Tallgrass is owned by The Energy & Minerals Group, Kelso & Company and the management team of Tallgrass, including CEO David G. Dehaemers, Jr.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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