Southern to buy 50% stake in Kinder Morgan natural-gas pipeline

Kinder Morgan Inc. on Sunday said it is selling a stake in a 7,600-mile natural-gas pipeline system to utility Southern Co. for $1.47 billion.

The Southern Natural Gas pipeline system connects natural-gas fields in Texas, Louisiana, Mississippi, Alabama, and the Gulf of Mexico to markets in the Southeast. Southern SO, +0.89%  is one of the pipeline system’s customers.

The deal comes as Kinder Morgan KMI, +0.76%  seeks to reduce its debt load. The sale of the 50% stake will help bring the company’s ratio of debt to earnings before interest, taxes, depreciation and amortization below the level it has targeted for the year.

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