Kinder Morgan Energy Partners LP (NYSE: KMP) said Tuesday it would buy three handling terminals from U.S. Development Group for $195 million, according to Associated Press.
Kinder Morgan will use the terminals to create a nationwide ethanol distribution network connected by rail, marine, truck and pipeline.
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The facilities are located in Baltimore, Dallas and Linden, NJ. The acquisition price includes more than $80 million in KMP equity issued to the seller. The company expects the purchase to immediately add to earnings.
Kinder Morgan said it would form a joint venture with U.S. Development Group to manage access to the network. The company said the network would help satisfy growing demand for biofuels.
Shares of Kinder Morgan rose $1.65, or 2.6 percent, to $65.10 at Friday’s close. The stock earlier traded at $65.19, eclipsing a 52-week high of $64 set Friday.
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