Williams partnerships agree merger deal

Natural gas partnerships Williams Partners (WPZ) and Williams Pipeline Partners (WMZ) have signed a merger agreement, under which public WMZ common unit holders will receive 0.7584 WPZ common units for each WMZ common unit they own at the effective time of the merger.  

As a result of the merger, all currently outstanding WMZ common units and WMZ subordinated units will be extinguished, and Williams Pipeline Partners will be indirectly wholly owned by Williams Partners.

The WMZ Conflicts Committee, which is comprised of the independent members of the board of directors of Williams Pipeline Partners’ general partner, has unanimously approved the merger and the merger agreement.  

Voting on the merger agreement will take place at a meeting of WMZ limited partners on a future date to be determined after the SEC declares the Form S-4 effective.