Davis Polk Advises Williams on Its Acquisition of All the Public Equity of Williams Partners

Davis Polk is advising Williams on its $10.5 billion acquisition of all of the outstanding public common units of Williams Partners L.P. in an all stock-for-unit transaction at a 1.494 ratio of Williams common shares per unit of Williams Partners. The transaction, which is expected to close in the fall of 2018, is subject to standard closing conditions, including the requisite approval of Williams shareholders.

Williams is a premier provider of large-scale infrastructure connecting U.S. natural gas and natural gas products to growing demand for cleaner fuel and feedstocks. Headquartered in Tulsa, Oklahoma, Williams owns approximately 74% of Williams Partners. Williams Partners is a large-cap master limited partnership with operations across the natural gas value chain, including gathering, processing and interstate transportation of natural gas and natural gas liquids.

The Davis Polk corporate team includes partners Louis Goldberg and Oliver Smith and associate Cheryl Chan. Partner Avishai Shachar and associates Elina Khodorkovsky and Andrew Imber are providing tax advice. Partner Andrew Ditchfield and associate Hannah B. Gerstenblatt are providing litigation advice. All members of the Davis Polk team are based in the New York office.