S&P Indices said Kinder Morgan Inc. (KMI) will replace its acquisition target, El Paso Corp. (EP), in the S&P 500 index after next Thursday's market close.
Kinder Morgan's shares jumped 3.8% after hours to $34.24. The stock as of Thursday's close was up 2.6% so far this year.
Kinder Morgan, a pipeline transportation and storage company, last year agreed to acquire El Paso, which operates a network of interstate natural-gas pipelines in North America, for $21 billion. The deal is expected to close next Thursday, May 24.
Kinder Morgan will also be added to the S&P 500 GICS Oil & Gas Storage & Transportation Sub-Industry index.