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Williams To Takeover Access Midstream For $6 Billion

|Includes:ACMP, Williams Companies Inc (WMB)

Pipeline operator Williams Companies has agreed to acquire control of Access Midstream Partners for $6 billion. The deal gives Williams control over the industry's largest gathering and processing master limited partnership (NYSE:MLP), as measured by throughput volume.

Under the agreement, upon closing, Williams will own 100% of the general partner and 50% of the limited partner interests in Access Midstream Partners. Williams will also acquire 55.1 million shares in Access, from GIP, boosting its share of Access units from 23% to 50%. Williams had previously acquired a 50% stake in the Access general partner and 23% of the Access units in Dec-2012.

In a second transaction, Williams said it had proposed the merger of Williams Partners LP and Access. If consummated, the merged MLP would be named Williams Partners LP and would become one of the largest and fastest-growing MLPs - with expected 2015 adjusted EBITDA of approximately $5 billion.

Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: WMB, ACMP