Kinder Morgan to buy Stagecoach Gas Services for $1.23 bln (updated)

Crestwood Equity Partners LP

01/06/2021 14:56

(Adds details on deal, company background)
    June 1 (Reuters) - Kinder Morgan Inc  KMI.N  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  ED.N  and Crestwood
Equity Partners LP  CEQP.N .
    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'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)
 ((Rithika.Krishna@thomsonreuters.com))