Williams Partners LP (NYSE: WPZ) announced Feb. 28 it completed its acquisition of in-service Alberta, Canada operations from Williams Companies Inc. (NYSE: WMB) for $1.2 billion.
The acquisition includes a processing plant near Fort McMurray, about 260 miles of pipelines and other facilities, the Tulsa, Okla.-based partnership said.
The partnership funded the acquisition with the issuance to Williams of 25.6 million class D payment-in-kind (PIK) limited-partner units, $25 million in cash and an increase to the general partner’s capital account to maintain Williams’ 2% general-partner interest.
Robert W. Baird & Co. advised Williams Partners’ conflicts committee with respect to the transaction.
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