Kinder Morgan Canada Limited (TSX: KML) today announced that the Trans Mountain Pipeline system and the Trans Mountain Expansion Project (TMEP) have been indirectly acquired by the Government of Canada, through Trans Mountain Corporation (a subsidiary of the Canada Development Investment Corporation) for cash consideration of $4.5 billion.  The sale price is subject to customary purchase price adjustments as provided in the purchase agreement. The KML board plans to complete its ongoing deliberations regarding the use of the after-tax net proceeds of the transaction and announce a final determination after market close on September 4, 2018. In connection with the closing, KML also replaced its existing $500 million secured revolving credit facility with a new 4-year, $500 million unsecured revolving credit facility for working capital purposes.

Read the full release here.