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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Williams Companies Inc | NYSE:WMB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.13 | 0.34% | 38.67 | 38.89 | 38.425 | 38.67 | 4,420,828 | 01:00:00 |
By Josh Beckerman
Williams Cos. (WMB) and Canada Pension Plan Investment Board are forming a $3.8 billion midstream joint venture focused on the western Marcellus and Utica shales.
The venture will include the Williams-owned Ohio Valley Midstream system, as well as Utica East Ohio Midstream system, which was 62%-owned by Williams before a Monday transaction increased its stake to 100%. Williams bought the other 38% from Momentum Midstream, whose backers include private-equity firm Yorktown Partners.
CPPIB will invest about $1.34 billion for a 35% stake in the venture.
Williams expects the combination of the two systems to "create a more efficient platform for capital spending in the region, resulting in reduced operating and maintenance expenses."
CPPIB, which recently invested in Encino Acquisition Partners, said the venture will provide "additional exposure to the attractive North American natural gas market."
CPPIB's investment is expected to close in the second or third quarter.
The joint venture excludes Williams's ownership interests in Flint Gathering, Cardinal Gathering, Marcellus South Gathering, Laurel Mountain Midstream and Blue Racer Midstream.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
March 18, 2019 18:59 ET (22:59 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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