Bloomberg: Williams In Talks To Buy Control Of Access Midstream For $3 Bln

(RTTNews) - U.S. pipeline company Williams Companies Inc. (WMB) is in advanced talks to acquire control of Access Midstream Partners, LP (ACMP) for about $3 billion, Bloomberg reported Saturday, citing people with knowledge of the matter.

Williams will reportedly buy the stake from Global Infrastructure Partners, which owns almost one-third of Oklahoma-based Access Midstream as well as half of its general partner, called Access Midstream Partners GP LLC. A deal could be announced as soon as next week.

According to the Bloomberg report, the acquisition of Access Midstream's general partner will entitle Williams to an increasing share of cash flow and also enable it to collect dividends on the partnership's common units.

In 2012, Williams acquired an about 25 percent stake in Access Midstream and half of its general partner. The latest deal will see Williams buying the remaining 50 percent stake in its general partner, according to Bloomberg.

Access Midstream, with a market capitalization of more than $12 billion, provides oil and natural gas gathering services to major exploration companies, including Chesapeake Energy Corp. (CHK) and Anadarko Petroleum Corp. (APC).

WMB closed Friday's trading at $47.18, up $0.33 or 0.70 percent on a volume of 1.98 million shares. ACMP closed trading at $65.36, up $1.47 or 2.30 percent on a volume of 401,518 shares.