The US FTC imposes conduct remedies before allowing an investment firm to hold simultaneous interests in two competing firms in the market for terminaling services for gasoline (Carlyle / Kinder Morgan)

In a recent consent order, the Federal Trade Commission ("FTC") required remedies to address competitive concerns raised by the privatization of Kinder Morgan, Inc. ("KMI") by KMI management and a group of private investment firms [1]. The investigation of this transaction was somewhat unusual because the proposed acquisition did not involve a direct horizontal overlap between the acquirers and the acquired entity. Instead, the proposed acquisition would have resulted in two of the private investment firms holding interests in KMI and one of its competitors [2]. The KMI investor group included, among other investors, the Carlyle/Riverstone Global Power and Energy Fund III, L.P., a private equity fund jointly managed by The Carlyle Group ("Carlyle") and Riverstone Holdings LLC

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  • Norton Rose Fulbright (Washington)

Quotation

Amanda L. Wait, The US FTC imposes conduct remedies before allowing an investment firm to hold simultaneous interests in two competing firms in the market for terminaling services for gasoline (Carlyle / Kinder Morgan), 14 March 2007, e-Competitions March 2007, Art. N° 53252

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