Kinder Morgan seals the deal

The management buyout of Kinder Morgan (KMI) finally closed Wednesday, almost exactly one year after CEO Rich Kinder announced the deal to the public. Kinder and his partners at Goldman Sachs (GS) have had a year to think about their plans. It will be extremely interesting to watch what actions they take now to recoup their massive investment of equity — nearly $8 billion in cash and the existing stakes of management — and giant borrowing: $7 billion in new debt. If you want to read up on this transaction, here’s a good place to start.