This transaction will create the largest midstream and the fourth largest energy company in North America with an enterprise value of about $94bn and 80,000 miles of pipelines, KMI said.
The consideration to be received by the EP shareholders is valued at $26.87 per EP share based on KMI’s closing price as of 14 October 2011, representing a 47% premium to the 20-day average closing price of EP common shares and a 37% premium over the closing price of EP common shares.
The transaction is expected to close in the second quarter of 2012 and is subject to customary regulatory approvals.
