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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
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 for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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