May 18 El Paso Pipeline Partners LP said
it will acquire Cheyenne Plains Gas Pipeline Co LLC and the
remaining interest in Colorado Interstate Gas LLC it does not
already own from El Paso Corp for $635 million.
The transaction, which is expected to close along with
Kinder Morgan Inc's acquisition of El Paso Corp, will
immediately add to El Paso Pipeline's distributable cash flow,
the company said in a statement.
Kinder Morgan struck a $21 billion deal to buy El Paso Corp
last October, combining the two largest natural gas pipeline
operators in North America. The deal is expected to close on May
El Paso Pipeline Partners, which owns an 86 percent interest
in Colorado Interstate Gas Co, will also assume $242 million of
proportional debt as part of the deal.