El Paso Pipeline Partners (EPPP) will acquire an additional 22% stake in Southern Natural Gas (SNG) from El Paso for $587 million. The latest acquisition will increase EPPP’s interest in SNG to 82%. EPPP intends to finance the deal, which is expected to close by the end of this month, by incurring debt, issuing additional securities or via a promissory note to El Paso. EPPP is limited partnership formed by El Paso to own and operate natural gas transportation pipelines and storage assets.
Click here for the release from El Paso Pipeline Partners.