Energy Transfer Equity, Williams Enter Into Timing Agreement With FTC

(RTTNews) - Energy infrastructure company Energy Transfer Equity, L.P. (ETE) and peer Williams Companies, Inc. (WMB) said that they have entered into a timing agreement with the staff of the Federal Trade Commission or FTC in connection with Energy Transfer Corp LP's proposed acquisition of WMB.

As previously disclosed in Energy Transfer Corp LP's registration statement on Form S-4 filed on November 24, 2015 with the SEC, ETE and WMB received a request for additional information and documentary material from the FTC pursuant to the HSR Antitrust Improvements Act. ETE and WMB are targeting compliance with the Second Requests in January 2016.

Under the terms of the timing agreement, ETE and WMB have agreed not to consummate the proposed acquisition prior to 60 days after substantial compliance with the Second Requests. They have also agreed not to consummate the proposed acquisition before March 18, 2016. ETE and WMB are continuing to work cooperatively with the staff of the FTC as it conducts its review of the proposed acquisition.

In late September, Energy Transfer Equity said it agreed to acquire Williams in a deal valued at about $37.7 billion, including the assumption of debt and other liabilities.