HOUSTON – Bracewell LLP is representing Kinder Morgan, Inc. (NYSE: KMI) in the sale of the US portion of the Cochin Pipeline to Pembina Pipeline Corporation (NYSE: PBA) for $1.546 billion. In addition, Bracewell is serving as US counsel to Kinder Morgan Canada Limited (TSX: KML) in the sale to Pembina of all the outstanding common equity of KML.
KMI will receive 0.3068 shares of Pembina for each share it holds in KML, resulting in KMI receiving approximately 25 million Pembina shares for its 70 percent interest in KML (a value of approximately $935 million based on the closing price on August 21, 2019).
The closings of the two transactions are cross-conditioned upon each other. The parties expect to close the transactions late in the fourth quarter of 2019 or in the first quarter of 2020, subject to customary closing conditions, including KML shareholder and applicable regulatory approvals.
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Kinder Morgan lawyers involved in the transaction include:
Catherine Callaway James (Vice President and General Counsel), Adam Forman (Vice President, Deputy General Counsel and Secretary), Eric McCord (Vice President and Managing Counsel) and Angela Teer (Assistant General Counsel).
Bracewell lawyers involved in the transaction include:
Partners: W. Cleland Dade, Lytch T. Gutmann, Rebecca L. Baker, Heather L. Brown, Troy L. Harder, Jason M. Jean, Steven J. Lorch, D. Kirk Morgan II, Aaron P. Roffwarg, Scott C. Sanders and Timothy A. Wilkins
Counsel: Tamara L. McKinzie
Associates: Kate B. McGregor, Kathy Witty Medford, Jay N. Larry and Catherine B. Engell