SEATTLE (Oil Monster): Williams (NYSE: WMB) today announced it has closed its acquisition of Momentum Midstream in a transaction valued at approximately $5.5 billion, expanding the company’s integrated natural gas infrastructure platform in the Haynesville to serve growing Gulf Coast LNG, power and industrial demand. The transaction includes approximately $3.5 billion of cash and debt consideration and roughly $2 billion of Williams’ equity.
Momentum’s Haynesville platform adds more than 4,000 miles of pipe, over 1 million dedicated acres, 6 Bcf/d of gathering capacity, multiple processing and treating facilities and three take-or-pay pipelines with 4.05 Bcf/d of transportation capacity. The acquisition expands Williams’ presence in the nation’s fastest growing natural gas supply basin, strengthening connectivity between premier supply and growing demand while creating opportunities for future expansions in addition to the two already announced.
“With the acquisition now complete, Williams has established a premier Haynesville position that strengthens our ability to serve rapidly growing LNG, power and industrial demand along the Gulf Coast,” said Chad Zamarin, Williams president and chief executive officer. “Momentum brings a high-quality customer base, durable take-or-pay contracts and complementary infrastructure that provides a growth platform to advance our natural gas-focused strategy. We are pleased to welcome Momentum employees to Williams and look forward to delivering safe, reliable service while creating long-term value for shareholders.”
Advisors
BofA Securities acted as lead financial advisor to Williams. Truist Securities also acted as a financial advisor to Williams in connection with the transaction. Davis Polk & Wardwell served as Williams’ legal counsel on the transaction.
Courtesy: www.businesswire.com
