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Williams Partners terminates merger

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World Pipelines,


Williams Partners LP has announced an agreement with The Williams Companies Inc., the owner of Williams Partners’ general partner, whereby both parties have terminated their previously announced merger agreement under which Williams was to acquire all of the public outstanding common units of Williams Partners in an all stock-for-unit transaction.

In connection with the termination of the merger agreement, Williams will pay a termination fee to Williams Partners in the amount of US$428 million.

As contemplated by the merger agreement, the termination fee is being paid through an irrevocable waiver of a portion of the quarterly incentive distributions Williams is entitled to receive from Williams Partners (in an aggregate amount of US$428 million, but in no circumstances in an amount of more than US$209 million per quarter).

Williams Partners advises its unitholders to reference news issued by Williams regarding its agreement to be acquired by Energy Transfer Equity LP. Williams and ETE announced a business combination transaction valued at approximately US$37.7 billion, including the assumption of debt and other liabilities. ETE’s willingness to proceed with the proposed acquisition was contingent on the termination of the Williams/Williams Partners transaction.

Edited from press release by

Read the article online at: https://www.worldpipelines.com/business-news/28092015/williams-partners-terminates-merger-1501/

 

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