Kinder Morgan to buy Stagecoach Gas Services for $1.23 B
Kinder Morgan Inc. has agreed to buy Stagecoach Gas Services LLC for $1.23 billion as the pipeline operator looks to expand into the northeast U.S. market.
Stagecoach is a natural gas pipeline and storage joint venture between Consolidated Edison Inc and Crestwood Equity Partners LP.
The deal, expected to close in the third quarter, will give Kinder access to Stagecoach's four natural gas storage facilities and three pipelines serving the northeast market.
Stagecoach has 185 miles of natural gas pipelines with multiple interconnects to major interstate natural gas pipelines, including Kinder Morgan's unit Tennessee Gas Pipeline.
Kinder Morgan said it expects the deal to be immediately accretive to its shareholders. (Reporting by Rithika Krishna in Bengaluru; Editing by Shounak Dasgupta and Shailesh Kuber)
- Digital Exclusive: Evolving pressure relief valve designs protect LNG facilities
- JGC-Hyundai JV awarded EPC contract for major low-carbon LNG plant project in Papua New Guinea
- TC Energy approves $1.5-B Columbia Gas expansion after profit tops estimates
- NextDecade to use Honeywell liquefaction technology for 30-MMtpy LNG terminal
- Wärtsilä continues to expand its data center footprint with new 790 MW order in Texas
Comments