Williams-Access deal gets OK
TULSA — The Williams Cos. Inc. has gotten federal approval to move ahead with its acquisition of a controlling stake in Access Midstream Partners. The company said Monday it had received early termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to its $5.995 billion acquisition of Global Infrastructure Partners II’s interest in the Oklahoma City-based pipeline partnership. The deal will give Williams a 100 percent stake in Access Midstream’s general partner. Williams plans to combine Access Midstream with its own midstream partnership, Williams Partners LP, pending approval by the conflict committee of each company’s board.
Firm endorses Equal Energy sale
Another shareholder advisory firm has endorsed Equal Energy Ltd’s proposed sale to Petroflow Energy Corp. The deal, which was announced in December, must be approved by two-thirds of Equal’s shareholders at a special meeting next month in Calgary. Glass Lewis and Co. has recommended that shareholders vote for the proposal, Equal announced Monday. Shareholder Services Inc. did the same last week. “We have now obtained unanimous support from the leading two proxy advisers for the Petroflow transaction,” Equal Chairman Michael Doyle said. “Both proxy advisers considered all aspects of the transaction, including criticism by a third party who had instead proposed a leveraged recapitalization. Both concluded that the Petroflow transaction deserves the support of our shareholders.”
Cimarex makes $238M asset buy
Cimarex Energy Co. on Monday closed on its acquisition of assets in western Oklahoma, the Denver-based company announced. Cimarex paid $238 million to add 50,000 net acres with net production of 35 million cubic feet of natural gas equivalent a day. The acquisition also added about 140 billion cubic feet of proved developed reserves. In a separate transaction, Cimarex also agreed to sell producing properties in Kansas to an unidentified buyer for $138 million.
From Staff Reports