Kinder Morgan to buy Stagecoach Gas Services for $1.23 billion
Reuters
Published Jun 01, 2021 09:29AM ET
Updated Jun 01, 2021 10:05AM ET
(Reuters) -Kinder Morgan Inc said on Tuesday it 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 (NYSE:ED) and Crestwood Equity (NYSE:CEQP) 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. (https://refini.tv/34DcQvK)
Stagecoach has 185 miles of natural gas pipelines with multiple interconnects to major interstate natural gas pipelines, including Kinder Morgan (NYSE:KMI)'s unit Tennessee Gas Pipeline.
Kinder Morgan said it expects the deal to be immediately accretive to its shareholders.
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Written By: Reuters
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