This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Global Infrastructure Partners To Sell Strategic Interest In Access Midstream Partners To Williams For $1.82 Billion In Cash

NEW YORK, Dec. 11, 2012 /PRNewswire/ -- Global Infrastructure Partners (GIP), a leading independent global infrastructure investor, announced today that Global Infrastructure Partners I (GIP I) will sell 50% of the Access Midstream Partners general partner (GP) and 34.5 million Access Midstream Partners, LP (NYSE:ACMP) subordinated units to Williams (NYSE:WMB) for $1.82 billion in cash, representing all of GIP I's remaining ownership in Access Midstream Partners. Citi acted as exclusive financial advisor to GIP in connection with the sale of its GIP I interests to Williams.

Following the transaction, GIP's second fund, Global Infrastructure Partners II (GIP II), will continue to control 50% of the GP and a substantial number of Access units. GIP believes that Williams' unparalleled midstream experience will complement GIP's strong strategic and financial sponsorship as Access continues to capitalize on its best-in-class business model.

Concurrent with this transaction, Access today announced that it has agreed to acquire Chesapeake Midstream Operating, LLC (CMO) from Chesapeake Energy Corporation (NYSE:CHK) for $2.16 billion in cash. The CMO acquisition is a transformational opportunity for Access and will create the leading gathering and processing growth platform in North America.

GIP and Williams have agreed to purchase up to $1.16 billion in equity securities to support the transaction including $350 million of pay in kind equity securities thereby demonstrating their substantial commitment to the Partnership's long-term success.

Following the transactions, Access will become the largest gathering and processing MLP as measured by invested capital and throughput volume and have a substantially diversified portfolio with strategic positions in virtually every cost advantaged basin in the country. Williams' investment alongside GIP is a strong endorsement of this market position and future growth potential.

Matthew Harris, the GIP Partner leading the transaction commented, "Access has a proven business model and an accomplished management team. We are very excited to be forming a strategic partnership with Williams and believe today's announcements will provide a strong foundation for further growth in the years to come."

About Global Infrastructure Partners Global Infrastructure Partners ("GIP") is an independent infrastructure fund that invests worldwide in infrastructure assets and business in both OECD and select emerging market countries. GIP targets investments in single assets, and portfolios of assets and companies in power and utilities, natural resources infrastructure, air transport infrastructure, seaports, freight railroad, water distribution and treatment and waste management. GIP has offices in New York and London, with an affiliate in Sydney and portfolio company operations headquarters in Stamford, Connecticut. For more information, visit  

SOURCE Global Infrastructure Partners

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs