Brookfield Infrastructure Partners (BIP) and Kinder Morgan have sold a 25% stake in Natural Gas Pipeline Company of America (NGPL) to a fund controlled by ArcLight Capital Partners for $830m (€683m).

BIP and Kinder Morgan will equally share the proceeds of the stake sale following the deal which values NGPL at $5.2bn.

Upon closing, Brookfield Infrastructure and Kinder Morgan will each hold a 37.5% interest in NGPL, and Kinder Morgan will continue to operate the pipeline.

NGPL is the largest transporter of natural gas into the Chicago-area market as well as one of the largest interstate pipeline systems in the country. The company has approximately 9,100 miles of pipeline, more than 1 million compression horsepower and 288bn cubic feet of working natural gas storage.

Tom Martin, Kinder Morgan natural gas pipelines president, said: “Kinder Morgan and Brookfield Infrastructure are pleased to welcome ArcLight into the NGPL joint venture. We believe this investment shows the value of natural gas infrastructure both today and in the decades to come.”

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