Sea Limited (SE)

[Timothy Smith]

Spectra Energy Corp is buying Kinder Morgan Energy's one-third stake in the Express-Platte Pipeline System for about $380 million in cash. Kinder Morgan's joint venture partners in Canada - the Ontario Teachers' Pension Plan Board and Borealis Infrastructure, the infrastructure investment arm of the OMERS pension plan - are also selling their interests in the pipeline system.

Spectra Energy is paying $1.25 billion in cash and taking on $240 million of debt to fund the transaction.

For 2013 the Kinder Morgan is targeting a distribution of $5.28 per unit, supported by total segment earnings of more than $5.4 billion.

The company also expects to generate excess cash flow of at least USD30 million. Kinder Morgan's 2013 growth forecast is USD2.8 billion, which excludes dropdowns.