Kinder Morgan Energy Partners LP, Houston, (NYSE: KMP) has concluded its purchase of 50% interest in the joint venture that owns the Altamont gathering, processing and treating assets in the Uinta Basin in Utah and the Camino Real gathering system in the Eagle Ford shale in Texas from New York-based private-equity firm Kohlberg Kravis Roberts & Co. LP (NYSE: KKR) for $300 million.

With more than 1,100 miles of pipeline infrastructure, the Altamont system includes more than 450 well connections with producers, and it operates a processing plant with the design capacity of 60 million cubic feet per day and a 5,600 barrel per day natural gas liquids fractionator. The Camino Real Gathering System has 150 million cubic feet per day of gas gathering capacity and 110,000 barrel per day of oil gathering capacity.

El Paso Corp., (NYSE: EP) owns the other 50% of the joint venture. This deal follows the completion of Kinder Morgan Inc.’s (Nasdaq: KMI) acquisition of El Paso, which occurred in late May.

Kinder Morgan intrastate pipelines president Duane Kokinda says, “We are pleased to reach this agreement with KKR which, upon closure of both transactions noted above, will increase Kinder Morgan’s ownership in this joint venture to 100%—50% at KMP and 50% at KMI.”

KKR global head of energy and infrastructure Marc Lipschultz says, “Since forming our joint venture over a year ago, it has been a pleasure partnering with the El Paso team on building out an exciting midstream business. Today’s transaction with Kinder Morgan reflects the strategic investments made by the partnership in both the Altamont and the Camino Real systems, with both of these assets benefiting from attractive long-term fundamentals.”