Williams to expand with $6B deal to acquire Access Midstream Par - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Williams to expand with $6B deal to acquire Access Midstream Partners

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Williams Cos. announced June 15 it will acquire controlling interest in Oklahoma City-based Access Midstream Partners L.P. for $6 billion in cash.

Williams, a Tulsa, Oklahoma-based energy company, has regional headquarters in Pennsylvania and has gathering and processing assets in Marcellus Shale. Access Midstream Partners also has pipelines in Marcellus, Utica and other shale plays.

In a December 2012 deal, Williams acquired 50 percent general partnership and 23 percent limited partnership interest in Global Infrastructure Partners’ Access Midstream Partners. When this acquisition closes in the third quarter of 2014, Williams will own 100 percent of Access Midstream's general partnership and 50 percent of limited partnership.

Williams also proposed to merge Williams Partners L.P. with Access Midstream Partners. If consummated, the merged MLP would be named Williams Partners L.P. and would become one of the largest and fastest-growing MLPs.

The merged MLP would feature large-scale positions in growing natural gas supply areas in major shale and unconventional producing areas, including Marcellus and Utica.

"The proposed merger of Williams Partners and Access Midstream Partners, if consummated, would create an industry-leading, large-scale MLP with substantial positions across the midstream business – spanning natural gas gathering and processing, natural gas transmission pipelines, and NGL and petchem services. Our positions in these businesses provide clearly identified growth for the foreseeable future," Alan Armstrong, Williams' chief executive officer, said in a statement.