Acquisition of 24.5% interest in Gulfstream Natural Gas System L.L.C.
Baird provided a fairness opinion to the Conflicts Committee of the Board of Directors of Williams Partners GP LLC
AboutWilliams Partners L.P. (NYSE: WPZ) (“Williams Partners” or the “Partnership”) recently announced that it entered into an agreement to acquire an additional 24.5% interest in Gulfstream Natural Gas System L.L.C. (“Gulfstream”) from The Williams Companies, Inc. (NYSE: WMB) (“Williams”) for $330 million. The acquisition will increase the Partnership’s ownership interest in Gulfstream to 49% and reduce Williams’ direct ownership interest to 1%.
Williams Partners is a leading diversified master limited partnership focused on natural gas transportation; gathering, treating, and processing; storage; natural gas liquid (“NGL”) fractionation; and oil transportation. The Partnership owns interests in three major interstate natural gas pipelines that, combined, deliver 12% of the natural gas consumed in the United States. The Partnership's gathering and processing assets include large-scale operations in the U.S. Rocky Mountains and both onshore and offshore along the Gulf of Mexico. Williams owns approximately 75% of Williams Partners, including the general partner interest.
Gulfstream is a 745-mile interstate gas pipeline system that extends from Pascagoula, MS and Mobile, AL across the Gulf of Mexico and into Florida. Spectra Energy Corporation and its subsidiaries own the additional 50% interest.
Baird provided a fairness opinion to the Conflicts Committee of Williams Partners’ Board of Directors.
For additional information about this transaction, please contact:
- April 2011
- Williams Partners L.P.
- Target Location
- North America
- Acquiror Location
- North America