Houston-based Kinder Morgan Inc. is cashing in its Canadian affiliate plus ownership in the Cochin pipeline through asset sales worth roughly $2.5 billion.

Calgary, Alberta-based Pembina Pipeline Corp. agreed on Aug. 21 to acquire Kinder Morgan’s assets in two transactions, closing of which are cross-conditioned upon each other.

The combined value of the divestitures comes in just $150 million below estimates made in September 2018 by analysts with Tudor, Pickering, Holt & Co. (TPH) despite a significantly different market outlook, “resulting in a notable positive vs. more recent expectations.”

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