It is a rotten deal for CPNO holders. CPNO was finally reaching an inflection point, where the billions in Eagle Ford projects would have finally started to kick in and result in material distribution growth. I do not own any CPNO, but I do hold KMP, so it is nice to see them pick up some quality assets, though, this deal adds like 3% to DCF in '13 before increasing in '14 and there after.
KMP is getting the better end of the deal, though CPNO holders do pick up a very modest distribution increase (and more to come) as KMP increases nearly every quarter. They also get a nice little bump in equity price, so all in all, a ok deal, but CPNO holders are losing the upside.