Williams Partners plans to finance its payment of the $360-million cash purchase price through a combination of debt and equity. The transaction, subject to standard closing conditions, is expected to close in the second quarter.
"Situated in the prolific San Juan Basin, the Four Corners system is one of the largest integrated natural gas gathering systems in the country," said Alan Armstrong, CEO of Williams Part ers. "This planned acquisition of these proven assets, which consistently have generated significant free cash flow for Williams' Midstream business unit, will grow and diversify the partnership's sources of cash flow."
The Four Corners system assets include:
"Contributing assets to our master limited partnership in this way helps drive value-creating growth at Williams," said Steve Malcolm, Williams' chairman, president, and CEO. "A transaction like this provides capital to Williams for reinvestment in attractive growth areas, such as the deepwater Gulf of Mexico and Rocky Mountain region."
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