The assets include the Camino Real Gathering System in the Eagle Ford shale formation in Texas and the Altamont system in the Uinta basin of Utah.
The Altamont system operates a processing plant with the design capacity of 60 million cubic feet per day and a 5,600-barrel-per-day natural gas liquids fractionator.
The Camino Real Gathering System has 150 million cubic feet per day of gas gathering capacity and 110,000 barrels per day of oil gathering capacity.
The company said the transaction will close after the completion of KMI’s acquisition of El Paso Corp which is expected to occur by the end of May.
The transaction will give Kinder Morgan complete control over the facilities, as El Paso owns the other 50% stake.
Kinder Morgan president of intrastate pipelines Duane Kokinda said the company is pleased to reach this agreement with KKR which, upon closure of both transactions, will increase it’s ownership in this joint venture to 100%.
"Upon closing, the transaction is expected to be immediately accretive to cash distributable to KMP unitholders," added Kokinda.
