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KMP Completes Acquisition of Copano Energy

Source: www.gulfoilandgas.com 5/1/2013, Location: North America

Kinder Morgan Energy Partners, L.P. closed its previously announced acquisition of Houston-based Copano Energy, L.L.C. KMP has acquired all of Copano’s outstanding units for a total purchase price of approximately $5 billion, including the assumption of debt. The transaction, which was approved by the Copano unitholders on April 30 (with more than 99 percent of the units that voted voting in favor of the transaction) and previously by the boards of directors of both companies, is a 100 percent unit-for-unit transaction with an exchange ratio of .4563 KMP units per Copano unit.

“We are delighted to complete this transaction, which will enable us to significantly expand our midstream services footprint and offer a wider array of services to our customers,” said KMP Chairman and CEO Richard D. Kinder. “We will now pursue incremental development in the Eagle Ford Shale play in South Texas, and gain entry into the Barnett Shale Combo in North Texas and the Mississippi Lime and Woodford shales in Oklahoma. The transaction is expected to be modestly accretive to KMP in 2013, given the partial year, and about $0.10 per unit accretive for at least the next five years beginning in 2014.”

With operations primarily in Texas, Oklahoma and Wyoming, Copano provides comprehensive services to natural gas producers, including natural gas gathering, processing, treating and natural gas liquids fractionation. It owns an interest in or operates almost 7,000 miles of pipelines with 2.7 billion cubic feet per day (Bcf/d) of natural gas throughput capacity, and nine processing plants with more than 1 Bcf/d of processing capacity and 315 million cubic feet per day of treating capacity.

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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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