Kinder Morgan Sells Half of Utopia Pipeline Project

摘要

Kinder Morgan Inc. has found a new partner for an Ohio-based pipeline to transport ethane and propane products to Canada. Kinder Morgan announced June 28 that private equity firm Riverstone Investment Group LLC will become a 50 percent partner in the Utopia Pipeline Project. To acquire its ownership interest, Riverstone agreed to an upfront cash payment provided at closing, consisting of reimbursement to Kinder Morgan for its 50 percent share of prior capital expenditures related to the project and a payment in excess of capital expenditures to recognize the value created by Kinder Morgan in developing the project to this stage.