HOUSTON (AP) - Kinder Morgan Inc., an energy transportation, storage and distribution company, said Wednesday its roughly $15 billion takeover by a management-led investor group has been completed.
Chairman and Chief Executive Richard D. Kinder, co-founder Bill Morgan and directors Fayez Sarofim and Mike Morgan took the company private along with affiliates of Goldman Sachs Capital Partners, American International Group Inc., Carlyle Group and Riverstone Holdings LLC.
Under terms of the agreement, eligible Kinder Morgan stockholders will receive $107.50 in cash, for each share held, representing a premium of more than 27 percent to the stock's closing price on May 26, 2006, the last trading day before the investor group's proposal.
In connection with the closing, the company's New York Stock Exchange-listed shares will be suspended and Kinder Morgan, which owns the general partner interest of pipeline operator Kinder Morgan Energy Partners LP, will take steps to delist from the exchange.
Shares of Kinder Morgan added 11 cents to $107.49 in afternoon trading, while Kinder Morgan Energy Partners dipped 12 cents to $54.88.
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