J.R. Ewing is back on television, and the oil and gas business is seeing a reprise of the boom times he came to symbolize in the 1980s. M&A in the sector is as active as it’s been in a generation, despite the lack of a blockbuster merger so far this year. The largest oil and gas acquisition announced last year, Kinder Morgan Inc.’s $38 billion purchase of rival natural gas pipeline operator El Paso Corporation [Big Deals, December 2011], has spawned three other large deals. Apollo Global Management LLC teamed with Riverstone Holdings LLC and Access Industries Inc. to pay $7.15 billion for El Paso’s oil and gas exploration and production unit [Big Deals, April], and Kinder Morgan Inc. agreed in August to sell $6.2 billion in assets to affiliate Kinder Morgan Energy Partners L.P., which in turn struck a deal to sell $3.3 billion in assets to Tallgrass Energy Partners. Below we detail the advisers on those two asset sales and several other transactions in the sector.
Kinder Morgan Energy Partners / Tennessee Pipeline
Kinder Morgan Energy Partners L.P. agreed on August 6 to pay Kinder Morgan Inc. $3.86 billion for the Tennessee Gas Pipeline and a 50 percent stake in the El Paso Natural Gas Pipeline. The buyer also assumed $2.36 billion in debt in the deal, which closed in August.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
