Williams Companies (Williams), an energy infrastructure company, has completed the merger of Williams Partners, a natural gas master limited partnership, with a subsidiary of Williams.
Image: A pipeline project. Photo: courtesy of outgunned21/Freeimages.com.
Pursuant to the merger, Williams acquired all of the outstanding common units of Williams Partners it did not previously own. As a result of the merger, and following today’s closing of the market, Williams Partners common units will no longer be publicly traded on the New York Stock Exchange.
Williams president and CEO Alan Armstrong said: “We are pleased to close this important transaction following the strong support for the merger that was demonstrated by our shareholders in yesterday’s overwhelming vote of approval.
“This transaction provides Williams with a simplified corporate structure and streamlined governance while maintaining investment-grade credit ratings and positions us well for long-term growth and enhanced shareholder value.
“As a fast-growing, investment grade C-Corp with the best natural gas infrastructure assets in the sector, we are confident this combined entity will provide a compelling investment opportunity to a broader range of investors.”
Source: Company Press Release