Kinder Morgan to Buy Kinetrex Energy for $310 Million
July 16 2021 - 9:09AM
Dow Jones News
By Dave Sebastian
Kinder Morgan Inc. said it has agreed to buy renewable natural
gas developer Kinetrex Energy from an affiliate of Parallel49
Equity for $310 million.
The deal includes two small-scale, domestic liquefied natural
gas production and fueling facilities, as well as a 50% interest in
a landfill renewable natural gas facility, Kinder Morgan said
Friday. The transaction also includes three additional renewable
natural gas facilities with signed commercial arrangements, it
said.
Kinder Morgan said it expects the deal to add to its
shareholders as the three renewable natural gas facilities become
operational in the next 18 months.
Kinder Morgan said key members of the Kinetrex management team
will be joining the company to pursue new projects. Kinetrex
President and Chief Executive Aaron Johnson will serve as president
of renewable natural gas at Kinder Morgan and report to Kinder
Morgan Energy Transition Ventures President Jesse Arenivas, Kinder
Morgan said.
The companies expect the deal to close in the third quarter.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
July 16, 2021 09:09 ET (13:09 GMT)
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