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Kinder Morgan Takes Over NextEra Energy Partner's South Texas Pipelines In Billion-Dollar Energy Shakeup

Kinder Morgan, Inc. (NYSE: KMI) has agreed to acquire NextEra Energy Partners, LP's (NYSE: NEP) South Texas assets, STX Midstream, for $1.815 billion.

The STX Midstream pipeline system includes a set of integrated, large-diameter, high-pressure natural gas pipelines that connect the Eagle Ford basin to the growing Mexico and Gulf Coast demand markets.

KMI expects the investment to be accretive to its shareholders, with the purchase price representing a 2024 EBITDA multiple of 8.6 times and a long-term investment-to-EBITDA multiple of approximately 7.0-7.5 times, based on KMI's financial projections and inclusive of commercial synergies.

Also Read: Kinder Morgan Boosts Working ...

Full story available on Benzinga.com


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