World News

Kinder Morgan sells Pembina shares for $764 million

(Reuters) – Pipeline operator Kinder Morgan Inc <KMI.N> said on Thursday it sold the 25 million shares in Canada’s Pembina Pipeline Corp <PPL.TO> that it received when Pembina bought Kinder Morgan Canada for $764 million.

Kinder Morgan said it will use the proceeds to cut its debt.

Canada’s Pembina Pipeline had agreed to buy Kinder Morgan Canada and the U.S. portion of the Cochin pipeline for C$4.35 billion ($3.28 billion) in August.

(Reporting by Shradha Singh in Bengaluru; Editing by Amy Caren Daniel)