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Williams Companies Inc Completes Acquisition Of Access Midstream Partners LP Investments For Total Consideration Approximately $2.25 Billion


Thursday, 20 Dec 2012 04:29pm EST 

Williams Companies Inc announced that the Company has completed its previously announced investments in privately held Access Midstream Partners GP, L.L.C. (Access GP) and Access Midstream Partners LP . The total consideration for the Company's investments in the Access Midstream entities was approximately $2.25 billion including transaction costs. That amount was reduced from the previously reported amount of up to $2.4 billion due primarily to ACMP's capital-raising activities and closing adjustments. Williams' total cash consideration paid to GIP Fund I was $1.82 billion for a 50% interest in Access Midstream Ventures, L.L.C., the sole owner of Access GP, and 34.5 million ACMP subordinated LP units. Williams' total cash consideration for its direct ACMP investments included approximately $356 million for Class B payment-in-kind (PIK) units and Class C subordinated units. This amount includes $13 million for Williams to maintain its share of the general-partner interest. As a result of ACMP's $592 million equity offering, Williams' commitment to purchase up to an additional $230 million in ACMP equity was not needed and the commitment was canceled. Williams owns a 50% interest in Access GP which includes a 2% interest in ACMP and incentive distribution rights. In addition, William's holds 24% of ACMP's outstanding limited-partner units. 

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53.24
0.14 +0.26%
24 Oct 2014