Houston-based Kinder Morgan Inc. (NYSE: KMI) has reached a deal selling its Canadian subsidiary to Calgary-based Pembina Pipeline Corp. (NYSE: PBA).
The Houston midstream company will also sell Pembina the U.S. portion of the Cochin Pipeline, a 95,000-barrel-per-day condensate line, according to a Kinder Morgan Press release. Because Kinder Morgan Canada LP (TSX: KML) owns the Canadian portion of Cochin, the deal puts the entire system under Pembina’s control.
Pembina will pay about $1.55 billion…
