HOUSTON, June 1 (UPI) -- Momentum Energy Group LLC paid $43 million in cash to buy key Kinder Morgan Energy Partners LP assets in the Rocky Mountains.
The deal gets MEG the Powder River Gathering System and the Painter Unit fractionation facility in Wyoming, Kinder Morgan Inc. said Thursday. The parties also executed a long-term processing agreement at Kinder Morgan Energy Partners LP's Douglas processing plant.
Proceeds from the sale will be used to pay down debt. Kinder Morgan Inc.'s management, in partnership with private equity interests, recently announced a plan to take the company private.