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Midstream giant Kinder Morgan’s acquisition of Kinder Morgan Energy partners won approval from the Federal Trade Commission Tuesday, moving the firm’s record breaking $70 billion consolidation one step closer to the finish line.

The deal, announced August 10, was granted an early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act.

Kinder Morgan will also acquire Kinder Morgan Management and El Paso Pipeline Partners, companies that Kinder currently holds indirectly, for $44 billion in cash and stock.

As part of the deal, Kinder Morgan will assume $27 billion in debt.

Houston-billionaire Richard Kinder, the company’s founder, chairman, and CEO will reportedly bank $1 billion from the reorganization.

The new company structure is meant to strengthen the company’s stock and make it easier to acquire competitors.

It is expected to generate about $2 billion in extra cash that can be used for investments.

Currently, Kinder Morgan is a master limited partnership (MLP). This tax-advantaged structure requires a high pay out on to the MLP units.

The reorganization will lower Kinder Morgan’s yield from 7 percent to 4.5 percent.

The transaction is expected to close by the end of 2014 following unitholder and shareholder votes as well as regulatory approvals.