Divestiture • Energy Services and Equipment

Kinder Morgan Acquires Stagecoach

On June 1, 2021, Kinder Morgan acquired energy services and equipment company Stagecoach from Consolidated Edison and Crestwood for 1.2B USD

Acquisition Context
  • This is Kinder Morgan’s 2nd transaction in the Energy Services and Equipment sector.
  • This is Kinder Morgan’s 3rd largest (disclosed) transaction.
  • This is Kinder Morgan’s 5th transaction in the United States.
  • This is Kinder Morgan’s 1st transaction in New York.

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M&A Deal Summary

Date June 1, 2021
Target Stagecoach
Sector Energy Services and Equipment
Buyer(s) Kinder Morgan
Sellers(s) Consolidated Edison
Crestwood
Deal Type Divestiture
Deal Value 1.2B USD

Target Company

Stagecoach

Owego, New York, United States
Stagecoach consists of 4 natural gas storage facilities with a total FERC-certificated working gas capacity of 41 billion cubic feet and 185 miles of natural gas pipelines.
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Buyer Overview 1

Buyer

Kinder Morgan

Houston, Texas, United States

Category Company
Founded 1997
Sector Energy Services and Equipment
Employees10,933
Revenue 15.1B USD (2024)
DESCRIPTION
Kinder Morgan's corporate headquarters in downtown Houston, Texas.
Kinder Morgan's corporate headquarters in downtown Houston, Texas.

Kinder Morgan is an energy infrastructure company. Kinder Morgan owns an interest in or operates pipelines and terminals. The Company's pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and its terminals transload and store petroleum products, ethanol and chemicals, and handle such products as coal, petroleum coke and steel. Kinder Morgan also produces and transports CO2, which is utilized for enhanced oil recovery projects in North America. Kinder Morgan was formed in 1997 and is based in Houston, Texas.


Deal Context for Buyer #
Overall 5 of 7
Sector: Energy Services and Equipment 2 of 3
Type: Divestiture 2 of 2
State: New York 1 of 1
Country: United States 5 of 7
Year: 2021 1 of 2
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-22 NGPL

Houston, Texas, United States

NGPL is a natural gas pipeline company and a transporter of natural gas, especially to the Chicago area market and the Gulf Coast, where it feeds LNG export facilities. NGPL provides access to all major supply basins through its own network and interconnections. NGPL is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-16 Kinetrex Energy

Indianapolis, Indiana, United States

Kinetrex Energy is a turn-key provider of environmentally friendly renewable natural gas (RNG) and liquid natural gas (LNG) solutions to customers in the transportation, industrial, agricultural, utility, and power industries. Kinetrex Energy is based in Indianapolis, Indiana.

Buy -

Seller Profiles 2

SELLER

Consolidated Edison

New York, New York, United States

Category Company
Founded 1823
Sector Utilities
Employees14,592
Revenue 15.3B USD (2024)
DESCRIPTION

Consolidated Edison is a provider of electricity, natural gas, and steam to customers in New York City and Westchester County. Con Edison of New York provides electric service to approximately 3.3 million customers and gas service to approximately 1.1 million customers. The company also provides steam service in parts of Manhattan. Consolidated Edison was incorporated in 1823 and is headquartered in New York City.


Deal Context for Seller #
Overall 1 of 3
Sector: Energy Services and Equipment 1 of 3
Type: Divestiture 1 of 3
State: New York 1 of 2
Country: United States 1 of 3
Year: 2021 1 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-20 Sempra Energy - U.S. Solar Assets

San Diego, California, United States

Sempra Energy - U.S. Solar Assets includes Mesquite Solar 2 and 3 in Arizona; Copper Mountain Solar 1 and 4 in Nevada; Great Valley Solar in California; and solar and battery storage development projects.

Buy $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-30 Consolidated Edison - Contracted Renewable Portfolio

Tehachapi, California, United States

Consolidated Edison's Contracted Renewable Portfolio consists of Coram Wind, a 102MW wind farm located in Tehachapi, CA, and Crane Solar, a 150MW solar project located in Crane, TX, as well as an adjacent 25MW battery development. Consolidated Edison's Contracted Renewable Portfolio is based in Tehachapi, California.

Sell -
SELLER

Crestwood

Houston, Texas, United States

Category Company
Founded 2001
Sector Energy Services and Equipment
Revenue 6.0B USD (2022)
DESCRIPTION

Crestwood is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. The company is engaged in the gathering, processing, treating, compression, and transportation of natural gas; storage, transportation, terminalling, and marketing of NGLs; gathering, storage, terminalling, and marketing of crude oil; and gathering and disposal of produced water. Crestwood was founded in 2001 and is based in Houston, Texas.


Deal Context for Seller #
Overall 2 of 4
Sector: Energy Services and Equipment 1 of 2
Type: Divestiture 2 of 4
State: New York 2 of 2
Country: United States 2 of 4
Year: 2021 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-31 US Salt

Watkins Glen, New York, United States

US Salt is a salt-production and distribution company that produces a wide range of evaporated salt products for food, industrial, pharmaceutical, textile, water-treatment, and other applications. US Salt is based in Watkins Glen, New York.

Sell $225M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-26 Oasis Midstream Partners

Houston, Texas, United States

Oasis Midstream Partners own, develop, operate and acquire a diversified portfolio of midstream assets in North America that are integral to the oil and natural gas operations of Oasis Petroleum and strategically positioned to capture volumes from other producers. Oasis Midstream's initial assets are located in the Williston Basin area of North Dakota and Montana. Oasis Midstream Partners was founded in 2013 and is based in Houston, Texas.

Buy $1.8B