Williams Closes Joint Venture with Atlas

Williams announced it has closed the joint-venture agreement with Atlas Pipeline Partners L.P. that provides the company entry into the Marcellus Shale.

The new midstream joint venture, Laurel Mountain Midstream LLC, owns 1,800 miles of intrastate natural gas gathering lines in the Appalachian Basin servicing 6,900 wells.

Williams contributed $100 million and issued a $25.5 million note payable to Laurel Mountain in exchange for a 51-percent ownership interest in the joint venture. Williams is also operating the gathering system. The previously announced Williams contribution of $102 million was reduced by $2 million in closing adjustments. This amount may change slightly due to further post-closing adjustments.

The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period on April 24. Citi acted as exclusive financial advisor to Williams in connection with this transaction.

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