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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Williams Partners, L.P. Common Units Representing Limited Partner Interests (delisted) | NYSE:WPZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 47.37 | 0 | 01:00:00 |
Williams Partners L.P. agreed to buy an additional 21% equity interest in Utica East Ohio Midstream LLC from EV Energy Partners LP for about $575 million.
Williams Partners, which already has a 49% equity interest in Utica East, will now have a 70% interest in the company. Utica East is a natural-gas midstream business in eastern Ohio's Utica shale region. The deal is expected to add to Williams' earnings this year.
Tulsa-based Williams Partners focuses on large-cap natural gas infrastructure.
"Acquiring these cash-generating assets supports our strategy to grow our natural gas midstream position in key basins," Williams Partners Chief Executive Alan Armstrong said. He said the transaction has "attractive growth opportunities."
Williams Partners agreed to waive $43 million of general partner incentive distribution rights from 2015 to 2017. It will finance the deal through equity and debt, including revolver borrowings.
The deal is expected to close by the middle of July.
Shares of Williams Partners, inactive premarket, have been down about 5% this year through Thursday's close.
Write to Angela Chen at angela.chen@dowjones.com
Access Investor Kit for EV Energy Partners LP
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US26926V1070
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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