Brookfield Infrastructure and Kinder Morgan to Sell Pipeline Stake for $830 million
Brookfield Infrastructure (NYSE: BIP)(NYSE: BIPC) and Kinder Morgan (NYSE: KMI) have agreed to sell a 25% interest in Natural Gas Pipeline Company of America (NGPL) to funds controlled by ArcLight Capital Partners. The partners will receive $830 million for this stake that they'll split evenly. They'll each retain a 37.5% interest in NGPL, which Kinder Morgan will continue operating. The deal values NGPL at $5.2 billion.
NGPL is one of the largest interstate pipeline systems in the U.S. The 9,100-mile pipeline transports gas to the Chicago area and to large liquefied natural gas (LNG) facilities along the U.S. Gulf Coast.