Oil Leak. Williams Partners L.P. announced it has agreed to acquire the Laser Northeast Gathering System and other midstream businesses from Delphi Midstream Partners, LLC for approximately $750 million. Delphi Midstream Partners, LLC is owned by American Securities LLC and management.
The Laser Gathering System is currently comprised of 33 miles of 16-inch natural gas pipeline and associated gathering facilities in Susquehanna County, Pa., as well as 10 miles of gathering pipeline in southern New York.
Williams Partners plans to fund the purchase price of the acquisition with a combination of $300 million cash and approximately 7.5 million Williams Partners common units.
This acquisition was not included in the 2011-13 capital expenditure or other guidance provided on Nov. 1. The partnership will update its guidance when it reports year-end 2011 financial results on Feb. 22, 2012. Williams Partners expects the transaction to close in first-quarter 2012.
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