Kinder Morgan Inc. (NYSE: KMI) has completed its acquisition of the outstanding equity securities of Kinder Morgan Energy Partners LP (NYSE: KMP), Kinder Morgan Management LLC (NYSE: KMR), and El Paso Pipeline Partners LP (NYSE: EPB). The $76 billion transaction was initially announced Aug. 10.
Chairman and CEO 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 $2.00 per share for 2015, a 16% increase over the 2014 KMI dividend budget of $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 $2 billion.”