Williams Partners buys $750M plant stake |
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Sat, 01 Dec 2007 00:13
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TULSA, Okla. (AP) - Natural gas processor Williams Partners LP said Friday it will purchase a $750 million stake in Wamsutter LLC, a natural gas gathering operation owned by former spinoff Williams Cos.Antitrust regulators approved the move last week.The Wamsutter System includes a cryogenic processing plant and related gas-gathering systems near Wamsutter, Wyo. The cryogenic plant can process almost 400 million cubic feet of gas per day.Under terms of the deal, Williams Partners will acquire 100 percent of the Class A membership interest in Wamsutter and 50 percent of the initial Class C units, while Williams will acquire 100 percent of the Class B membership interest in Wamsutter and 50 percent of the initial Class C units.The deal is expected to close in mid-December.Williams Partners said the deal, once complete, will immediately add to distributable cash flow.Shares of Williams Partners rose $1.80, or 4.6 percent, to $41.18. The stock has ranged from $37.10 to $52 over the past year.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Regulators OK Williams stake in plant 