HOUSTON, Aug. 28 (UPI) -- The head of Kinder Morgan Inc. is being sold to an investor group that includes KMI officers in a deal worth $22 billion.
Chief Executive Officer Richard D. Kinder, co-founder Bill Morgan, current board members Fayez Sarofim and Mike Morgan, investment partners Goldman Sachs Capital Partners and certain affiliates and American International Group Inc. are buying KMI, the company said Monday. Closing is set for early next year.
The cash deal, includes debt assumption of about $7 billion and requires taking on additional debt, marks a 27-percent premium over KMI's closing price May 26, the last day before the investors disclosed their interest in KMI.
KMI owns an interest in or operates 43,000 miles of pipelines that transport primarily natural gas, crude oil, petroleum products and carbon dioxide; it also runs more than 150 terminals that store, transfer and handle products like gasoline and coal.
