Kinder Morgan EP (KMP) to Acquire 50% Interest in Nat Gas Assets from KKR (KKR) for $300M

Kinder Morgan Energy Partners, L.P. (NYSE: KMP), has signed a definitive agreement with an investment vehicle affiliated with Kohlberg Kravis Roberts & Co. L.P., (NYSE: KKR) whereby KMP will purchase from KKR its 50 percent interest in the joint venture that owns the Altamont gathering, processing and treating assets (Uinta Basin in Utah) and the Camino Real Gathering System (Eagle Ford Shale in Texas) for $300 million in KMP common units. El Paso Corporation (NYSE: EP) owns the other 50 percent of the joint venture. KMP anticipates this transaction will close subsequent to the completion of Kinder Morgan, Inc.’s (NYSE: KMI) acquisition of El Paso, which is expected to occur by the end of May.

Upon closing, the transaction is expected to be immediately accretive to cash distributable to KMP unitholders.

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