Earlier today, Kinder Morgan (KMI) announced that it was selling Kinder Morgan Canada (OTCPK:KMLGF) and the associated Cochin Pipeline for $4,350mm to Pembina Pipeline (PBA). I say Kinder Morgan announced this deal because while Kinder Morgan Canada is publicly traded, Kinder Morgan does have a stranglehold on control via its 70% voting ownership interest.
The deal values Kinder Morgan Canada at $2,300mm, or a touch over $15.00/share, based on the proposed exchange ratio of Pembina Pipeline common shares (0.3068 shares per KML share). This means that the remainder is