XPLR Infrastructure, LP (XIFR): M&A transaction — NextEra Energy Partners completes sale of Texas pipelines to Kinder Morgan for $1.815B

XPLR Infrastructure, LP

Sold Texas natural gas pipeline assets to Kinder Morgan subsidiary for total cash consideration of approximately $1.815 billion.
NEP will recognize a gain on disposal; taxable gain allocated to NEE Equity via newly created Class P units of NEP OpCo.
NEP OpCo LP agreement amended to create Class P units issued to NEE Equity for tax allocation purposes.
Pro forma financials show removal of pipeline revenues; net income attributable to NEP reduced by ~$25M for nine months ended Sep 30, 2023.
Cash proceeds used partly to pay off $376M project debt and buy out STX Midstream membership interests for $201M.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

XPLR Infrastructure, LP completed a disposition involving Kinder Morgan, Inc. for total cash consideration of approximately $1.815 billion (closed 2023-12-28).

Action: disposition
Counterparty: Kinder Morgan, Inc.
Consideration: total cash consideration of approximately $1.815 billion
Closing: 2023-12-28

Exact text from the filing

to a subsidiary of Kinder Morgan, Inc. under the previously disclosed purchase and sale agreement dated November 6, 2023. NEP received total cash consideration of approximately $1.815 billion subject to post-closing working capital adjustments. As a result of this sale, NEP will recognize a gain on disposal of the Texas pipelines, which will be reflected in its

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

XPLR Infrastructure, LP amended NEP OpCo LP Agreement with NEE Equity (effective 2023-12-27).

Action: amendment
Counterparty: NEE Equity
Effective: 2023-12-27

Exact text from the filing

The NEP OpCo LP Agreement was amended and restated on December 27, 2023 to create a new class of units of NEP OpCo (Class P units) which were issued to NEE Equity.

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XPLR Infrastructure, LP filing history →

Source: SEC EDGAR

accession 0001603145-23-000056

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