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Alternative Assets  + Direct Investment  + M&As  + Real Assets  |  January 3, 2024
Williams to Pay $1.95B for Gulf Coast Natgas Storage Assets
Joe Palmisano
By: Joe Palmisano

Williams to Pay $1.95B for Gulf Coast Natgas Storage Assets

Williams Cos., a pipeline operator, has agreed to acquire a portfolio of natural gas storage assets from an affiliate of Hartree Partners LP for $1.95 billion.

The deal includes six underground natural gas storage facilities located in Louisiana and Mississippi with total capacity of 115 billion cubic feet, as well as 230 miles of gas transmission pipeline and 30 pipeline interconnects to markets, including LNG (liquified natural gas) markets and connections to Williams’ Transco natural gas transmission pipeline.

“These assets better position Williams’ natural gas storage operations to serve Gulf Coast LNG demand and growing electrification loads from data centers along the Transco corrido,” said Williams’ president and CEO Alan Armstrong.

The acquisition price, which is expected to close in January 2024, represents an approximate 10x estimated 2024 EBITDA multiple.

BofA Securities served as financial advisor to Williams; Davis Polk & Wardwell LLP served as legal advisor to Williams. Evercore served as lead financial advisor and Wells Fargo Securities, LLC served as financial advisor to Hartree; Milbank LLP served as legal advisor to Hartree.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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