Kinder Morgan announced it would buy out all its subsidiaries, making it the largest energy infrastructure firm in North America, according to Bloomberg's Susan Warren.

At an all-in valuation of $71 billion, its the second-largest energy transaction ever, according to the FT's Stephen Foley. 

The Houston-based firm currently has three additional sub-units independently trading on the New York Stock Exchange. These firms will now all be consolidated under the KMI ticker. 

The move comes nearly a year after an analyst named Kevin Kaiser of Hedgeye Risk Management called into question how  Kinder Morgan was booking expenditures and criticized the wave of so-called Master Limited Partnerships, which Kinder Morgan had taken part in. MLPs are designed to allow energy companies to get around some corporate taxes. But Kaiser said MLPs constituted a "regulatory nightmare." In a statement on its site Sunday, Kinder Morgan CEO Richard Kinder said the transaction " dramatically simplifies the Kinder Morgan story."

Over the last year, Kinder Morgan and its units have underperformed peers like Enbridge, TransCanada and Williams:

For some perspective on Kinder Morgan's American footprint, here's a map showing all their assets:

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