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WMB

Williams

$27.38

0.115 (0.42%)

, WPZ

Williams Partners

$38.45

0.87 (2.32%)

06:02
05/17/18
05/17
06:02
05/17/18
06:02

Williams to acquire all public equity of Williams Partners

Williams (WMB) and Williams Partners L.P. (WPZ) announced an agreement under which Williams will acquire all of the outstanding public common units of Williams Partners in an all stock-for-unit transaction at a 1.494 ratio of Williams common shares per unit of Williams Partners. The transaction is valued at $10.5 billion; representing a premium to the public unitholders of 6.4 percent based on closing prices on May 16, 2018, or a premium of 13.6 percent to the unaffected closing prices on March 15. Under the terms of the merger agreement, Williams will acquire all of the 256.0 million public outstanding units of Williams Partners at a fixed exchange ratio of 1.494 Williams shares for each public unit of Williams Partners. In aggregate, assuming a 1.494 exchange ratio, Williams will issue approximately 382.5 million shares in connection with the proposed transaction, representing approximately 31.6 percent of the total shares outstanding of the combined entity. The transaction will be taxable to Williams Partners unitholders, and Williams will receive the tax benefits from the basis step-up; resulting in extending the period to which Williams is not expected to be a cash taxpayer through 2024. Williams has reviewed the proposed transaction with the rating agencies and expects the combined entity will have investment grade credit ratings consistent with Williams Partners' current ratings. The merger is expected to close in the fall of 2018 subject to standard closing conditions, including the requisite approval of Williams shareholders. Following consummation of the merger, Williams Partners will become a wholly owned subsidiary of Williams.

WMB

Williams

$27.38

0.115 (0.42%)

WPZ

Williams Partners

$38.45

0.87 (2.32%)

  • 17

    May

  • 17

    May

WMB Williams
$27.38

0.115 (0.42%)

04/19/18
DBAB
04/19/18
INITIATION
Target $29
DBAB
Buy
Williams initiated with a Buy at Deutsche Bank
Deutsche Bank started Williams Companies with a Buy rating and $29 price target.
04/25/18
GHSC
04/25/18
INITIATION
Target $28
GHSC
Buy
Williams initiated with a Buy at Seaport Global
Seaport Global analyst Bernie Colson initiated Williams (WMB) with a Buy and $28 price target saying the acquisition of Williams Partners (WPZ) units it does not already own will simplify the entity and garner a higher valuation multiple.
04/25/18
04/25/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Spotify (SPOT) initiated with a Neutral at B. Riley FBR. 2. Broadcom (AVGO) initiated with an Overweight at Piper Jaffray. 3. Williams Partners (WPZ) and Williams (WMB) were initiated with a Buy at Seaport Global. 4. Wayfair (W) initiated with an Equal Weight at Morgan Stanley. 5 WPX Energy (WPX) initiated with an Outperform at RBC Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
05/04/18
STFL
05/04/18
NO CHANGE
Target $41
STFL
Buy
Williams Partners roll up into Williams still likely, says Stifel
Stifel analyst Selman Akyol noted that Williams (WMB) remains confident in maintaining a 21% income tax allowance despite FERC's recent announcement. He also believes Williams Partners (WPZ) would be able to maintain the income tax allowance by rolling into Williams and he continues to believe the MLP will be rolled into Williams given their C-Corp structure. Akyol maintains his Buy rating and $41 price target on Williams Partners.
WPZ Williams Partners
$38.45

0.87 (2.32%)

04/25/18
GHSC
04/25/18
INITIATION
Target $40
GHSC
Buy
Williams Partners initiated with a Buy at Seaport Global
Seaport Global analyst Bernie Colson initiated Williams Partners (WPZ) with a Buy and $40 price target saying Williams' (WMB) acquisition of Williams Partners (WPZ) units it does not already own will simplify the entity and garner a higher valuation multiple.

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