KMP Completes Acquisition of Copano Energy
KINDER MORGAN ENERGY PARTNERS (KMP)
Company Research
Source: Business Wire
HOUSTON--(BUSINESS WIRE)-- Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today closed its previously announced acquisition of Houston-based Copano Energy, L.L.C. (NASDAQ: CPNO). KMP has acquired all of Copano’s outstanding units for a total purchase price of approximately $5 billion, including the assumption of debt. The transaction, which was approved by the Copano unitholders on April 30 (with more than 99 percent of the units that voted voting in favor of the transaction) and previously by the boards of directors of both companies, is a 100 percent unit-for-unit transaction with an exchange ratio of .4563 KMP units per Copano unit. “We are delighted to complete this transaction, which will enable us to significantly expand our midstream services footprint and offer a wider array of services to our customers,” said KMP Chairman and CEO Richard D. Kinder. “We will now pursue incremental development in the
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