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Williams Companies Inc Agrees To Acquire 50% Interest In Privately Held Access GP And Approximately 25% Of Limited Partner Units Of Access Midstream Partners, LP For Approximately $2.4 Billion

Tuesday, 11 Dec 2012 05:32pm EST 

Williams Companies Inc announced that it has agreed to acquire a 50% interest in privately held Access GP and approximately 25% of the limited partner units of Access Midstream Partners, LP for approximately $2.4 billion. ACMP announced plans to acquire most of Chesapeake Energy Corp.’s remaining natural gas and crude-oil gathering assets for $2.16 billion. After closing, Williams and GIP each will own a 50% interest in Access GP, which holds a 2% general partner interest and incentive distribution rights. Williams and GIP have committed to invest up to $1.16 billion in newly issued ACMP limited partner units and will own approximately 25% and 43%, respectively, of the outstanding ACMP LP units at the time of the transaction closing (depending on certain capital-raising activities of ACMP). Williams has agreed to acquire GIP’s Fund I holdings in ACMP. Those holdings include GIP Fund I’s 50% interest in Access GP, which owns the 2% general partner interest and incentive distribution rights in ACMP, and approximately 34.5 million ACMP subordinated limited partner units for $1.823 billion. Additionally, Williams and GIP’s Fund II each committed to acquire between approximately $350 million and $580 million. Upon closing of these transactions, ACMP will continue to be an independent, publicly traded master limited partnership. Post-closing, Williams and GIP will own 25% and 43%, respectively, of ACMP LP units. 

Company Quote

-0.32 -0.51%
12:47pm EDT