Williams (NYSE:WMB) has agreed to acquire the 50% general partner interest and 55.1 million limited partner units in Access Midstream Partners LP (NYSE:ACMP) held by Global Infrastructure Partners II (GIP) for $5.995 billion in cash. At the close of trading on June 13, the 55.1 million LP units had a market value of $3.6 billion.
Upon closing, Williams will own 100% of the general partner and 50% of the limited partner interests in Access Midstream Partners. This transaction follows Williams’ acquisition of its 50% GP interest and 23% LP interest in Access Midstream Partners in December 2012. Williams expects the acquisition to close in the third quarter of 2014.
Williams has also proposed to merge Williams Partners LP (NYSE:WPZ) with, and into, Access Midstream Partners. The proposed merger of Williams Partners and Access Midstream Partners, if consummated, would create a large-scale master limited partnership (MLP) with substantial positions across the midstream business – spanning natural gas gathering and processing, natural gas transmission pipelines, and NGL and petchem services.