(KMI), is buying EL Paso Pipeline PRTN LP (EPB) and El Paso (EP), which owns and operates natural gas transportation pipelines and storage assets. The El Paso transaction is expected to be nicely accretive to dividends.
Current plans are to divest El Paso's exploration and production operations and drop down (sell) the midstream assets to Kinder partners (KMP) and El Paso's pipeline MLP El Paso Pipeline Partners ([EPB]) . 
The cash from sales to the Kinder partners (KMP) will be used to reduce the leverage used to buy El Paso. The assets are so widely spread out geographically that a spin-off is unlikely.