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Private equity group acquiring minority stake in Kinder Morgan-operated NGPL

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Private equity group acquiring minority stake in Kinder Morgan-operated NGPL

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Transaction implies $5.2 billion value for gas pipeline

Infrastructure serves Chicago, Gulf Coast markets

Houston — An affiliate of private equity firm ArcLight Capital Partners has agreed to pay $830 million for a 25% stake in the Kinder Morgan-operated Natural Gas Pipeline Company of America, which moves gas into the high-demand Chicago-area market as well as to LNG export facilities along the US Gulf Coast.

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The transaction is expected to close by the end of March, Kinder Morgan and joint venture partner Brookfield Infrastructure Partners said in a statement Feb. 22.

ArcLight is among a group of private equity firms that have been making strategic investments in North American energy infrastructure in recent years. For established midstream operators like Kinder Morgan, adding joint venture partners allows it to reduce its risk and use proceeds for other growth opportunities.

After the transaction is completed, Kinder Morgan and Brookfield will each own 37.5% of NGPL, with ArcLight owning the remaining 25%.

The proceeds will be shared equally between Kinder Morgan and Brookfield. The value of the minority interest implies an enterprise value of approximately $5.2 billion for NGPL, the companies said. Kinder Morgan, which moves more than a third of the gas consumed in the US, will continue to operate NGPL.

NGPL has approximately 9,100 miles of pipeline, more than 1 million compression horsepower and 288 Bcf of working natural gas storage. NGPL provides customers access to major natural gas supply basins directly and through interconnects with intrastate and interstate pipeline systems.