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Kinder Morgan divests Pembina shares for $764M

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Kinder Morgan divests Pembina shares for $764M

Kinder Morgan Inc. on Jan. 9 said it divested all of the approximately 25 million shares it received from Pembina Pipeline Corp. after the corporation acquired Kinder Morgan Canada Ltd.'s outstanding common equity.

The divestment was part of Kinder Morgan's previously announced plans to convert the shares into cash, according to a Jan. 9 news release. The company said it expects the proceeds of $764 million, which will be used to pay down debt, to be aligned with the company's budget for the year.

Pembina in December 2019 closed its acquisition of Kinder Morgan Canada and the U.S. part of the Cochin pipeline system for C$4.35 billion.