El Paso Pipeline Partners announced that it has received a proposal from El Paso Corporation whereby the partnership would purchase from El Paso Corporation the remaining 14 percent of Colorado Interstate Gas Company, and all of Cheyenne Plains Investment Company, which owns Cheyenne Plains Gas Pipeline Company.
The proposal is subject to approval by the Board of Directors of El Paso Corporation. The Board of Directors of EPB’s general partner, El Paso Pipeline GP Company, has formed a committee made up of independent directors to review the proposal. Following the committee’s review, the proposal must also be approved by EPB GP’s full Board of Directors.
If approved, the transaction is expected to close contemporaneously with Kinder Morgan, Inc.’s acquisition of El Paso Corporation and be immediately accretive to distributable cash flow.
[mappress] LNG World News Staff, April 19, 2012