Williams Partners Announces Termination of its Merger Agreement with Williams (NYSE:WMB)
September 28 2015 - 7:04AM
Business Wire
Williams Partners Advises Unitholders to
Reference News Today from Williams
Williams Partners L.P. (NYSE:WPZ) (“Williams Partners”) today
announced an agreement with The Williams Companies, Inc. (NYSE:WMB)
(“Williams”), the owner of Williams Partners’ general partner,
whereby both parties have terminated their previously announced
merger agreement under which Williams was to acquire all of the
public outstanding common units of Williams Partners in an all
stock-for-unit transaction.
In connection with the termination of the merger agreement,
Williams has agreed to pay a termination fee to Williams Partners
in the amount of $428 million. As contemplated by the merger
agreement, the termination fee is being paid through an irrevocable
waiver of a portion of the quarterly incentive distributions
Williams is entitled to receive from Williams Partners (in an
aggregate amount of $428 million, but in no circumstances in an
amount of more than $209 million per quarter).
Williams Partners advises its unitholders to reference news
issued today by Williams regarding its agreement to be acquired by
Energy Transfer Equity, L.P. (NYSE:ETE) (“ETE”). Williams and ETE
today announced a business combination transaction valued at
approximately $37.7 billion, including the assumption of debt and
other liabilities. ETE’s willingness to proceed with the proposed
acquisition was contingent on the termination of the
Williams/Williams Partners transaction.
About Williams Partners
Williams Partners is an industry-leading, large-cap natural gas
infrastructure master limited partnership with a strong growth
outlook and major positions in key U.S. supply basins and also in
Canada. Williams Partners has operations across the natural gas
value chain from gathering, processing and interstate
transportation of natural gas and natural gas liquids to petchem
production of ethylene, propylene and other olefins. Williams
Partners owns and operates more than 33,000 miles of pipelines
system wide – including the nation’s largest volume and fastest
growing pipeline – providing natural gas for clean-power
generation, heating and industrial use. Williams Partners’
operations touch approximately 30 percent of U.S. natural gas.
Tulsa, Okla.-based Williams, a premier provider of large-scale
North American natural gas infrastructure, owns approximately 60
percent of Williams Partners, including all of the 2 percent
general-partner interest. www.williams.com
Portions of this document may constitute “forward-looking
statements” as defined by federal law. Although the partnership
believes any such statements are based on reasonable assumptions,
there is no assurance that actual outcomes will not be materially
different. Any such statements are made in reliance on the “safe
harbor” protections provided under the Private Securities Reform
Act of 1995. Additional information about issues that could lead to
material changes in performance is contained in the partnership’s
annual reports filed with the Securities and Exchange
Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20150928005710/en/
Williams Partners L.P.Media Relations:Tom Droege,
918-573-4034orInvestor Relations:John Porter, 918-573-0797orBrett
Krieg, 918-573-4614
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