Reuters: Private Equity: UPDATE 1-Kinder Morgan to buy out KKR from El Paso JV for $300 mln stock

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UPDATE 1-Kinder Morgan to buy out KKR from El Paso JV for $300 mln stock Apr 25th 2012, 20:33 April 25 | Wed Apr 25, 2012 4:33pm EDT April 25 (Reuters) - U.S. pipeline and infrastructure company Kinder Morgan Energy Partners said it will buy KKR & Co's 50 percent stake in a midstream joint venture with El Paso Corp for $300 million in stock. The deal will give Kinder Morgan complete control over the joint venture as it is separately acquiring EL Paso for $21 billion. The joint venture owns the Altamont gathering, processing and treating assets in Uinta Basin in Utah and the Camino Real Gathering System in Eagle Ford Shale in Texas, Kinder Morgan Energy said. The deal, which is expected to close after the acquisition of El Paso, will be immediately accretive to cash distributable to Kinder Morgan Energy Partners' unitholders, the company said. The Altamont system operates a processing plant with the design capacity of 60 million cubic feet per day and a 5,600-barrel-per-day natural gas liquids fractionator, while Camino Real Gathering System has 150 million cubic feet per day of gas gathering capacity and 110,000 barrels per day of oil gathering capacity. Shares of Kinder Morgan Energy closed at $83.51 on Wednesday on The New York stock Exchange.

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