El Paso Pipeline Partners LP , a natural gas pipeline and storage master limited partnership, said it will buy an additional 22 percent stake in Southern Natural Gas Co (SNG) from El Paso Corp for $587 million. The deal increases El Paso Pipeline's interest in SNG to 82 percent and gives it a 45-day option to acquire up to an additional 3 percent for about $80 million. The increase in SNG stake, which operates a natural gas pipeline consisting of nearly 8000 miles of pipeline, is expected to immediately add to the company's earnings.
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