Williams to buy Trace's Haynesville gathering and processing assets

Williams has reached an agreement to acquire the Haynesville gathering and processing assets of Trace Midstream, a portfolio company of Quantum Energy Partners, in the USA. The transaction is valued at US$950 million. 

As part of the transaction, Trace customer and Quantum affiliate Rockcliff Energy (Rockcliff) have agreed to a long-term capacity commitment in support of Williams’ Louisiana Energy Gateway (LEG) project.  The LEG project is designed to gather natural gas produced in the Haynesville and connect it to premium Transco markets, as well as growing industrial and LNG export demand along the Gulf Coast.

The transaction is expected to close in the second quarter subject to regulatory approvals. RBC Capital Markets served as lead financial advisor to Williams and Citi served as lead financial advisor to Trace. Williams was represented by Davis Polk & Wardwell LLP, while Trace was represented by Vinson & Elkins LLP.