Kinder Morgan Energy Partners (KMP) Announces Two Pipeline System Acquisitions; Sees Deal Immediately Accretive
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Kinder Morgan Energy Partners, L.P. (NYSE: KMP) has acquired two pipeline systems from Knight Inc., the private entity which owns the general partner of KMP. The purchase includes Knight's one-third interest in the Express-Platte crude oil pipeline systems that run from Alberta to Illinois and a jet fuel pipeline that serves the Vancouver, British Columbia, airport. KMP paid Knight approximately 2 million KMP units (approximately $116 million) for the assets.
"These pipelines are stable assets and this acquisition is expected to be immediately accretive to cash available for distribution to unitholders," KMP Chairman and CEO Richard D. Kinder said. He noted that as a result of this transaction all Kinder Morgan Canada assets are now part of KMP.
Kinder Morgan Energy Partners, L.P. is a pipeline transportation and energy storage company in North America. [SM]
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