Williams closes acquisition of MountainWest
Published by Sara Simper,
Editorial Assistant
World Pipelines,
Williams has announced that it has closed its acquisition of MountainWest Pipelines Holding Company from Southwest Gas Holdings, Inc., in a transaction including US$1.07 billion of cash and US$0.43 billion of assumed debt, for an enterprise value of US$1.5 billion. MountainWest comprises roughly 2000 miles of interstate natural gas pipeline systems primarily located across Utah, Wyoming and Colorado, totalling approximately 8 billion ft3/d of transmission capacity. MountainWest also operates 56 billion ft3/d of total storage capacity, including the Clay Basin underground storage reservoir, providing valuable service to western markets.
“Our natural gas focused strategy is anchored in having the right assets in the right places to serve our nation’s growing demand for clean, affordable and abundant natural gas. This acquisition enhances our position in the western US and is complementary to our current footprint, providing us with infrastructure for natural gas deliveries across key demand markets,” said Alan Armstrong, Williams President and CEO. “With the acquisition now complete, we look forward to welcoming MountainWest employees to Williams and bringing value to our shareholders by delivering safe and reliable services to both Williams and MountainWest customers as we increase the utilisation of our existing large-scale platforms.”
With the acquisition of MountainWest, Williams expands its infrastructure network and increases its business mix of FERC-regulated natural gas transmission and storage. The acquisition expands Williams’ services to key Rockies markets, including natural gas delivery into Salt Lake City and other demand markets not previously served by Williams.
Read the article online at: https://www.worldpipelines.com/business-news/16022023/williams-closes-acquisition-of-mountainwest/
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