KM announces closing of the merger transactions
Kinder Morgan, Inc. has announced it has completed its acquisition of the outstanding equity securities of Kinder Morgan Energy Partners, L.P. (NYSE: KMP), Kinder Morgan Management, LLC, and El Paso Pipeline Partners, L.P. The approximately US$ 76 billion transaction was initially announced 10 August, 2014.
Chairman and Chief Executive Officer Richard D. Kinder stated, “We are delighted to close the KMP, KMR and EPB transactions. We believe merging the companies benefits our shareholders and unitholders, simplifies the Kinder Morgan story by transitioning to one security and paves the way for superior growth at KMI for years to come. KMI projects a dividend of US$2 per share for 2015, a 16% increase over the 2014 KMI dividend budget of US$1.72 per share. The company expects to grow the dividend by approximately 10% each year from 2015 through 2020, while producing excess coverage of over US$2 billion.”
Kinder Morgan, Inc. is the largest energy infrastructure company in North America. It owns an interest in or operates approximately 80 000 miles of pipelines and 180 terminals. The company’s pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals, and handle bulk materials like coal and petroleum coke. Kinder Morgan is the largest midstream and third largest energy company in North America with an enterprise value of more than US$125 billion.
Adapted from press release by Hannah Priestley-Eaton
Read the article online at: https://www.worldpipelines.com/business-news/27112014/km-announces-closing-of-the-merger-transactions/
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