Kinder Morgan Energy Partners (KMP) Completes Natural Gas Acquisition For $266M
Kinder Morgan Energy Partners, L.P. (NYSE: KMP) announced it has closed a previously announced transaction to purchase the natural gas treating business from Crosstex Energy, L.P. (NASDAQ: XTEX) and Crosstex Energy, Inc. (NASDAQ: XTXI) for approximately $266 million, including working capital and closing adjustments.
"We are pleased to broaden the footprint of our natural gas business with this transaction which provides us with additional fee-based assets that produce stable cash flow," said Chairman and CEO Richard D. Kinder. "This acquisition is expected to be immediately accretive to cash distributable to KMP unitholders."
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