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Kinder Morgan selling units in $3.3 bln deal

8/20/12 8:56 AM ET (MarketWatch)

NEW YORK (MarketWatch) -- Kinder Morgan Energy Partners LP said Monday it'll sell energy pipeline and infrastructure assets in the Rocky Mountains to Tallgrass Energy Partners LP, a unit of private equity firm Kelso & Co., in a deal valued at $3.3 billion, including debt. Kinder Morgan Energy Partners will receive $1.8 billion in cash as part of the deal. The transaction came after Kinder Morgan Inc. reached an agreement with the Federal Trade Commission to sell the units as part of its purchase of El Paso, which closed in May. "As I previously stated, we would prefer to keep all of these assets, but we anticipated divestiture of certain assets in the Rockies would be necessary," Chairman and CEO Richard Kinder said. The deal is expected to close in the fourth quarter.