Kinder Morgan (KMP) to Divest Nat Gas, Pipeline Assets in $1.8B Deal w/ Tallgrass Energy

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Tallgrass Energy Partners, LP today announced that it has entered into a purchase and sale agreement with Kinder Morgan Energy Partners, L.P. (NYSE: KMP) to buy Kinder Morgan Interstate Gas Transmission (KMIGT), Trailblazer Pipeline Company, the Casper-Douglas natural gas processing and West Frenchie Draw treating facilities in Wyoming, and KMP’s 50 percent interest in the Rockies Express Pipeline (REX).

Tallgrass will acquire these assets for a total cash consideration of approximately $1.8 billion. Including the proportionate amount of REX debt, this amount is equivalent to a value of $3.3 billion. The transaction, which is subject to Federal Trade Commission (FTC) approval, is expected to close in the fourth quarter.

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