Privately held Kinder Morgan Inc. on Tuesday announced plans to rejoin the New York Stock Exchange with the launch of an initial public offering (IPO) for up to $1.5 billion.
Parent company Kinder Morgan Holdco LLC said all of the stock for the IPO would be sold by existing investors. Sellers include Chairman Richard Kinder and his wife, who together hold a stake of about 31% in the company. Other sellers include Goldman, Sachs & Co., Highstar Capital LP, The Carlyle Group and Riverstone Holdings LLC.
The company plans to list under its former symbol "KMI." Timing of the IPO was not disclosed.
In 2007 Kinder Morgan went private in an estimated $15 billion buyout (see Daily GPI, May 31, 2007). Today the company has about 37,000 miles of pipelines and 180 terminals across North America that transport, store and handle natural gas, refined petroleum products, crude oil, ethanol, coal and carbon dioxide.
Kinder Morgan owns the general partner and about 11% of the limited partner interests in Kinder Morgan Energy Partners, one of the largest publicly traded U.S. pipeline master limited partnerships, which has an enterprise value of more than $30 billion.
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