Easier/Cheaper To Buy Than To Build -- Southern Buys Half Of Kinder System In Latest Gas Expansion -- Bloomberg -- July 10, 2016

Also at the WSJ. 

From Bloomberg. Data points:

• Southern Natural Gas pipeline, built, owned, operated by KMI
• 7,600 mile pipeline
• connects natural gas supply basins in TX, LA, MS, AL, and GOM to markets in southestern US
• KMI will continue to operate
• Southern will own half
• Southern's share valued at almost $1.5 billion

Why?

With demand for electricity declining and natural gas taking market share from coal, Atlanta-based Southern was among the first utility owners to seek growth by buying a gas transporter.

Duke Energy Corp. and Dominion Resources Inc. followed suit.

Southern last month received regulatory clearance for its $8 billion takeover of natural-gas distributor AGL Resources Inc.

I use a $1 million / mile to build pipeline from scratch.

7,600 / 2 = 3,800 = $3.8 billion. Southern got it for less than $1.5 billion.