01.10.15. Energy Transfer Equity (ETE) and The Williams Companies (WMB) have agreed a merger valued at approximately US$37.7 billion, including the assumption of debt and other liabilities.


The announcement follows the termination of the previously agreed merger agreement between WMB and Williams Partners LP. The new combination will create the third largest energy franchise in North America and one of the five largest global energy companies.


Under the terms of the transaction, Energy Transfer Corp LP (ETC), an affiliate of ETE, will acquire Williams at an implied current price of $43.50 per Williams share. Williams’ shareholders will have the right to elect to receive as merger consideration either ETC common shares, which would be publicly traded on the NYSE, and/or cash.


Alan Armstrong, president and CEO of Williams, said: “Williams’ intense focus on connecting the best natural gas supplies to the best natural gas markets will be a significant complement to the ETE family of diverse energy infrastructure. As a combined company, we will have enhanced prospects for growth, be better able to connect our customers to more diverse markets, and have more stability in an environment of low commodity prices. Importantly, Williams Partners will retain its current name and remain a publicly traded partnership headquartered in Tulsa, Oklahoma.”



1st October 2015