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Empresas y finanzas

Kinder Morgan to buy El Paso for $38 billion


    (Reuters) - Kinder Morgan Inc said on Sunday it has reached an agreement to buy El Paso Corp for $38 billion including debt to create the fourth-largest energy company in North America.

    The offer of $26.87 a share, represents a 47 percent premium to the 20-day average closing price of El Paso shares, based on its closing price of Oct 14.

    The offer comprises $14.65 in cash, 0.4187 KMI shares (valued at $11.26 per EP share) and 0.640 KMI warrants (valued at $0.96 per EP share) based on KMI's closing price on Oct 14.

    The transaction has been approved by each company's board of directors the companies said. Pipeline transportation and energy storage company KMI said it has a commitment letter from Barclays Capital underwriting the full amount of cash required for the transaction. El Paso Corp owns North America's largest natural gas pipeline system.

    (Reporting by Yinka Adegoke; editing by Gunna Dickson)