Williams announced June 15 that the company will acquire all of its joint venture Access Midstream Partners’ general partnership and bring its share in the limited partnership to 50%, a deal valued at $6 billion overall.
The company said the decision would accelerate the transformation of Williams to a pure-play general partnership holding company. It plans to merge the Access Midstream LP with Williams Partners LP. The other 50% of Access Midstream’s LP shares are owned by public unitholders, according to the announcement.
In a public release, the company called out the importance of size to its business strategy. It listed a goal to increase competitive advantage as, “Be big–the No. 1 or 2 largest–in gathering, processing and transportation in basins and markets where we operate.”
Same-day market response saw Williams’ stock price up nearly 20%.