Energy Transfer perseveres, acquiring Williams in $37.7 billion deal

Energy Transfer Equity (ETE) persevered in its nine-month effort to acquire fellow pipeline giant Williams, with the buyer agreeing to pay $37.7 billion for control of pipelines and plants that handle roughly 33% of U.S. natural gas demand. Williams investors will get $43.50 a share either in cash or stock in Energy Transfer Corp., an affiliate of Energy Transfer Equity, Kallanish Energy understands. Williams has canceled its May offer to buy all stock it doesn’t own in its affiliate, Williams Partners. The $43.50/share price represents a 4.6% premium to the Williams closing price on Sept. 25. The deal ends a nine-month gestation period fronted by Dallas billionaire Kelcy Warren that became public in June, when Williams rejected Energy Transfer’s first offer as too low, and began seeking other suitors for the company. Williams’ biggest asset, both literally and figuratively, is Transco, the largest U.S. gas pipeline system. It connects the Marcellus Shale/Appalachian Basin to po
http://www.shaledirectories.com/blog/energy-transfer-perseveres-acquiring-williams-in-37-7-billion-deal/