Williams Merges Two Affiliates in $12-Billion Deal

Natural gas exploration and production company Williams Co. (Tulsa, OK) says it will restructure operations by merging two of its natural gas pipeline and energy-processing affiliates, Williams Partners and Williams Pipeline Partners. The restructuring is valued at approximately $12 billion and is intended to drive additional growth and value for Williams' shareholders and Williams Partners' unitholders, the company says. The deal will provide Williams with about $3.5 billion in cash to pay down debt while also giving it an 80% stake in the combined business, up...

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