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US: Oil mogul plans $44B buyout spree

By  |  August 11, 2014

Billionaire Richard Kinder, who owns Kinder Morgan, is reportedly planning a major oil buyout spree as the industry in the US opens up to $1.5 trillion in potential acquisitions.

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    According to reports, Kinder will acquire and merge all of Kinder Morgan Energy Partners, Kinder Morgan Management and El Paso Pipeline Partners, altogether resulting in a $44 billion transaction.

    Kinder Morgan released a statement outlining the consolidation plans on Sunday.

    According to reports, the consolidation could signal a shift in the pipeline industry’s recent trend of spinning off pipelines and oil terminals. Now, Kinder is looking to streamline his assets to reduce borrowing costs and create a unified company that Kinder can use to strike further acquisitions, reports say.

    Kinder controls the merging groups through his 24 percent stake in the parent company, according to reports.

    Full content: Bloomberg

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