North American energy infrastructure provider Kinder Morgan has sold all of its approximately 25 million shares in Pembina Pipeline Corporation.
The stock was initially received in connection with Pembina’s acquisition of the outstanding common equity of Kinder Morgan Canada. The sale of the shares is consistent with the company’s intention to convert shares into cash in an ‘opportunistic and non-disruptive manner’.
The shares were sold for after-tax proceeds of $764 million (€687.1 million), consistent with Kinder Morgan’s 2020 budget.
The company previously announced that it intends to use the proceeds to pay down debt, creating balance sheet flexibility in 2020.
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