El Paso Proposes Sale Of Final 14% Stake In Colorado Interstate Gas To El Paso Pipeline

To buy remaining 14% of Colorado Interstate Gas Co. LLC & all Cheyenne Plains Investment Co. LLC, which owns Cheyenne Plains Gas Pipeline Co. LLC gaining interstate pipeline systems serving the Rockies region.

El Paso Pipeline Partners LP, Houston, (NYSE: EPB) has received a proposal from El Paso Corp., Houston, (NYSE: EP) whereby the partnership would purchase from El Paso the remaining 14% of Colorado Interstate Gas Co. LLC. and all of Cheyenne Plains Investment Co. LLC, which owns Cheyenne Plains Gas Pipeline Co. LLC, for an undisclosed price.

If approved by the El Paso Pipeline GP Co. LLC board of directors, the transaction is expected to close contemporaneously with Kinder Morgan Inc.'s acquisition of El Paso Corp. and be immediately accretive to distributable cash flow.

El Paso Corporation owns a 42% limited partner interest, and the 2% general partner interest in El Paso Pipeline Partners. The partnership owns Wyoming Interstate Co. LLC, Southern LNG Co. LLC, Elba Express Co. LLC (Elba Express), Southern Natural Gas Co. LLC and an 86% interest in Colorado Interstate Gas.

Wyoming Interstate and Colorado Interstate are interstate pipeline systems serving the Rockies region, SLNG owns the Elba Island LNG storage and regasification terminal near Savannah, Georgia, and both Elba Express and SNG are interstate pipeline systems serving the southeastern region of the United States.