NEW YORK (AP) -- THE TRANSACTION: Kinder Morgan Energy Partners LP is selling some of its assets to Tallgrass Energy Partners LP for about $1.8 billion in cash. The transaction is necessary for its parent, Kinder Morgan Inc., to get regulatory approval for its $20 billion buyout of El Paso Corp.
The deal includes the sale of Kinder Morgan Interstate Gas Transmission, Trailblazer Pipeline Co., the Casper-Douglas natural gas processing and West Frenchie Draw treating facilities in Wyoming and Kinder Morgan Energy's 50 percent stake in the Rockies Express Pipeline.
The company values the deal at $3.3 billion, including debt. It's expected to close in the fourth quarter, pending Federal Trade Commission approval.