- Energy Transfer Equity (ETE) agrees to acquire Williams Cos. (WMB) in a deal valued at $37.7B, implying a price of $43.50/share, to create the third largest energy franchise in North America and one of the five largest global energy companies.
- ETE and WMB say the transaction is immediately accretive to cash flow and distributions for both companies, and anticipate commercial synergies exceeding $2B of incremental EBITDA by 2020, with up to $400M of additional cost savings expected from the implementation of ETE's shared service model.
- WMB is terminating its previous plan to acquire Williams Partners (WPZ); WMB will pay WPZ a $428M termination fee.