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Kinder Morgan Energy Partners LP Announces Acquisition Of Copano Energy, L.L.C For Approximately $5 Billion In Unit For Unit Transaction

Tuesday, 29 Jan 2013 10:45pm EST 

Kinder Morgan Energy Partners LP and Copano Energy, L.L.C announced a definitive agreement whereby KMP will acquire all of Copano`s outstanding units for a total purchase price of approximately $5 billion, including the assumption of debt. The transaction, which has been approved by the Boards of Directors of both companies, will be a 100% unit for unit transaction with an exchange ratio of .4563 KMP units per Copano unit. The consideration to be received by Copano unitholders is valued at $40.91 per Copano common unit based on KMP`s closing price as of Jan. 29, 2013, representing a 23.5% premium to Copano`s close on January 29, 2013. The transaction, which is expected to close in the third quarter of 2013,. TPG, Copano`s unitholder (owning over 14% of its outstanding equity), has agreed to support the transaction. Copano, a midstream natural gas company with operations primarily in Texas, Oklahoma and Wyoming, provides comprehensive services to natural gas producers, including natural gas gathering, processing, treating and natural gas liquids fractionation. Upon closing, KMP will own 100% of Eagle Ford Gathering (currently a joint venture with Copano), which provides gathering, transportation and processing services to natural gas producers in the Eagle Ford Shale. Citi acted as financial advisor for KMP and Weil Gotshal & Manges LLP and Bracewell & Giuliani acted as legal counsel to KMP. 

Company Quote

-1.19 -1.45%
31 Jul 2014