Williams buys Marcellus gas assets in $750m deal
By TESS STYNES
Williams Partners agreed to acquire a gas gathering system and other assets in the Marcellus shale from Delphi Midstream Partners in a deal valued at roughly $750 million based on Wednesday's close. 
The deal, expected to close in the first quarter of 2012, consists of a combination of $300 million cash and approximately 7.5 million of Williams Partners common units.
Delphi Midstream is owned by private-equity firm American Securities and management.
The gathering system includes natural-gas pipelines in Pennsylvania and southern New York, as well as associated gathering facilities.
Williams said the deal continues its strategy in the alternative Marcellus shale basin and other energy-producing areas.
The company said the transaction wasn't included in its guidance and capital spending plans in November, but that it plans to give an update when it reports fourth-quarter financial results in February.
Williams Partners, the midstream asset-holder of Williams Cos., in November reported that its third-quarter profit rose 27% amid wider margins from its natural-gas liquids business and higher pipeline fees.
Williams Partners' common units closed Wednesday at $59.58 and were inactive premarket. The stock is up 28% this year.
Dow Jones Newswires
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