Kinder Morgan, Inc. Going-Private Transaction Closes
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HOUSTON, May 30 /-- Kinder Morgan, Inc. (NYSE:KMI) today announced that the acquisition of KMI by investors including Chairman and CEO Richard D. Kinder has closed. Additional investors in the going-private transaction include other senior members of KMI management, co-founder Bill Morgan, board members Fayez Sarofim and Mike Morgan, and affiliates of Goldman Sachs Capital Partners, American International Group, Inc. and certain affiliates (principally AIG Financial Products and AIG Highstar Capital), The Carlyle Group and Riverstone Holdings LLC.
Under the terms of the merger agreement, following the closing of the merger, KMI stockholders (other than Knight Holdco LLC, Knight Acquisition Co., subsidiaries of KMI, stockholders who have perfected their appraisal rights under Kansas law and stockholders defined in the KMI merger proxy statement as Rollover Investors) will receive $107.50 in cash, without interest, for each share of KMI common stock held. This represents a premium of approximately 27 percent over $84.41, the closing price of KMI stock on Friday, May 26, 2006, the last trading day before the investor group made its proposal to take the company private.
In connection with the closing, trading of KMI's common stock on the New York Stock Exchange will be suspended and KMI will take steps to delist the common stock from the exchange.
Stockholders who possess stock certificates will receive instructions and a letter of transmittal from Computershare, the paying agent, concerning how and where to forward their certificates for payment. For shares held in "street name" by a broker, bank or other nominee, stockholders do not need to take any action to have shares converted into cash, as this will be done by the broker, bank or other nominee.
Kinder Morgan, Inc. is one of the largest energy transportation, storage and distribution companies in North America. It owns an interest in or operates approximately 41,000 miles of pipelines that transport primarily natural gas, crude oil, petroleum products and CO2, and more than 155 terminals which store, transfer and handle products like gasoline and coal. KMI owns the general partner interest of Kinder Morgan Energy Partners, L.P. (NYSE:KMP), one of the largest publicly traded pipeline limited partnerships in the United States.
FCMN Contact: maureen_bulkley@kindermorgan.com
Source: Kinder Morgan, Inc.
CONTACT: Larry Pierce, Media Relations, +1-713-369-9407, or Mindy Mills, Investor Relations, +1-713-369-9490, both of Kinder Morgan, Inc.
Web site: http://www.kindermorgan.com/
