Williams Cos. (NYSE: WMB) announced Feb. 2 it completed the merger of its subsidiary, Williams Partners LP (NYSE: WPZ), and Access Midstream Partners LP.
As part of the completion of the merger, Access Midstream Partners changed its name to Williams Partners LP and its units will trade under the symbol “WPZ” beginning on Feb. 3. The combined companies would have an expected 2015 adjusted EBITDA of about $5 billion.
Williams bought control of Access Midstream from Global Infrastructure Partners II in July for $5.995 billion.
“As intended with this merger, we’ve created an industry-leading, large-scale MLP with best-in-class assets that connect natural gas and natural gas products with growing markets,” said Alan Armstrong, CEO of Williams Partners' general partner. "The new Williams Partners generates additional strength in our business, more opportunities for our customers and increased value for our investors. We’re pleased to have reached this milestone as we strive to meet North America’s critical need for energy infrastructure.”
Williams’ acquisition of Access Midstream Partners and the subsequent merger with Williams Partners enhances Williams’ exposure to key production basins in North America. The merger combines the depth of Access Midstream’s expertise in the gathering and processing function with the breadth of Williams’ capabilities across the broader natural gas value chain.
Williams Partners is based in Tulsa, Okla. with major offices in Oklahoma City, Houston, Pittsburgh, Salt Lake City and Calgary.
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