Williams Cos to buy stake in Access Midstream Partners for $3 billion: Bloomberg
(Reuters) - A major U.S. pipeline company, Williams Cos Inc (WMB.N), is in advanced talks to buy a stake in natural gas and oil gathering services provider Access Midstream Partners LP (ACMP.N) for about $3 billion, Bloomberg reported citing people familiar with the matter.
Williams would buy the stake from private equity firm Global Infrastructure Partners, which owns about a third of Access Midstream as well as half of its general partner called Access Midstream Partners GP LLC, the Bloomberg's report said. (r.reuters.com/hyc22w)
Both Williams Cos and Access were not immediately for a comment. Global Infrastructure Partners declined to comment.
Williams bought a 50 percent stake in the general partner Access GP and a 25 percent stake in Access toward the end of December 2012. (r.reuters.com/gyc22w)
The deal would provide Williams, the fourth largest U.S. pipeline company based on market capitalization, with full control of the general partner Access Midstream Partners GP, according to the report.
Access provides natural gas and oil gathering services to oil producers Chesapeake Energy Corp (CHK.N), Total E&P USA Inc, Anadarko Petroleum Corporation (Anadarko), among others.
Shares of Williams and Access were up about 1 percent in extended trading on Friday.