Kinder Morgan to buy Crosstex assets
Kinder Morgan Energy Partners, L.P. (KMP), has entered into a purchase and sales agreement to acquire the natural gas treating business from Crosstex Energy, L.P., and Crosstex Energy Inc. or approximately $266 million, including working capital, subject to certain closing adjustments.
KMP is purchasing approximately 290 amine-treating and dew-point control plants predominantly located in Texas and Louisiana, with additional facilities in Mississippi, Oklahoma, Arkansas and Kansas. The transaction will make KMP the largest provider of contract-provided treating plants in the United States.
“We are pleased to have the opportunity and financial strength to grow our company even during difficult economic times,” said Richard D. Kinder, chairman and CEO of KMP. “We look forward to offering natural gas treating services to our Texas intrastate customers and to other producers in various supply basins, including the rapidly developing shale plays.”
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