NEW YORK (TheStreet) -- Kinder Morgan Management (KMP) surged to a new 52-week high of $99.77 on Monday after Kinder Morgan (KMI) announced it would combine all of its oil and gas pipeline and storage companies into one entity.
Kinder Morgan, Kinder Morgan Energy Partners (KMP), Kinder Morgan Management and El Paso Pipeline Partners (EPB) will all trade under the KMI symbol as part of the Kinder Morgan umbrella. The new entity will be the fourth-largest U.S. energy company by market value. The four companies' combined market value at the closing bell Friday was $92 billion.
Kinder Morgan will spend $71 billion, including $27 billion in assumed debt, to purchase the three other companies.
Must Read: Warren Buffett’s 25 Favorite StocksEXCLUSIVE OFFER: See inside Jim Cramer’s multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE. Kinder Morgan Management was up 19.87% to $92.32 at 10:33 a.m. More than 7 million shares had changed hands, compared to the average volume of 406,038. KMR data by YCharts
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