HOUSTON, Aug. 26 (UPI) -- Pipeline company Kinder Morgan Inc. said it was cleared by the U.S. government to consolidate its operations under a single banner.
The company said the Federal Trade Commission waived a waiting-period requirement covering anti-trust measures as it pertains to its proposed acquisition of subsidiary Kinder Morgan Energy Partners.
"The approximately $70 billion transaction is expected to close by the end of 2014 following unitholder and shareholder votes, and standard regulatory notifications and approvals," the parent company said in a statement Monday.
Kinder announced plans for the coordination in mid August. Chairman and Chief Executive Officer Richard Kinder said all shareholders of subsidiaries Kinder Morgan Energy Partners, Kinder Morgan Management and El Paso Pipeline Partners will be united under the Kinder Morgan Inc. banner through an acquisition by the parent company.
The unified entity will be the largest company of its kind in North American and the third largest energy company overall.
Combined, the Kinder Morgan entities share stakes in or operated around 80,000 miles of oil and natural gas pipelines.
