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Kinder Morgan to Buy Copano Energy for $5 Billion
By: MT Newswires
Kinder Morgan Energy Partners, L.P. ( KMP ) has signed a definitive agreement to acquire Copano Energy, L.L.C. ( CPNO ) for a total purchase price of approximately $5 billion, including the assumption of debt. The transaction has been approved by the Boards of Directors of both companies.
The deal will be a 100% unit for unit transaction with an exchange ratio of 0.4563 KMP units per Copano unit. The consideration to be received by Copano unit holders is valued at $40.91 per Copano common unit.
KMP was off by 2 cents at $89.64 in the after-hours market.
CPNO closed yesterday at $33.13, with 52-week range of $24.24 - $38.03.