Kinder Morgan Sells Stake In Canada’s Pembina

January 9, 2020

When Kinder Morgan Inc. sold off Kinder Morgan Canada Ltd. to Calgary, Canada’s Pembina Pipeline Corp. it acquired about 25 million shares of Pembina stock — and on Thursday the Houston company announced the sale of all of it.

Pembina acquired the outstanding common equity of KM Canada Ltd along with Canada’s Cochin Pipeline in a deal that closed December 17th

KMI announced last year it intends to sell some assets to pay down debt and create reach about $1.2 billion on the balance sheet (along with some possible new borrowing) for budget flexibility, and Thursday said the after-tax proceeds of the Pembina stock sale at $764 million are consistent with the pipeline company’s plans.