Kinder Morgan Inc. (KMI) and Brookfield Infrastructure Partners LP (BIP) will jointly acquire 53% equity interest in Natural Gas Pipeline Co. of America LLC (NGPL) from Myria Holdings Inc. for a total of $242 million.
KMI will pay $136 million and increase its ownership interest to 50% from 20%, and BIP will pay $106 million and increase its ownership to 50% from 27%. The transaction values NGPL at a total of $3.4 billion, inclusive of existing debt.
Currently operated by KMI, NGPL is one of the largest interstate pipeline systems in the country with 9,200 miles of pipeline, more than 1 million hp of compressor facilities, and 288 bcf of working gas storage.
The deal is expected to close later this year. KMI will continue to operate NGPL.