Summary
The Williams Companies, Inc. (WMB) filed an 8-K report on April 21, 2003, disclosing a significant divestiture. The company has agreed to sell its indirect 54.6% ownership interest in Williams Energy Partners L.P. (WEG) to a newly formed entity, WEG Acquisitions, L.P. This entity is jointly owned by Madison Dearborn Partners, LLC and Carlyle/Riverstone Global Energy and Power Fund II, L.P. The definitive purchase agreement and related agreements are attached as exhibits to this filing, providing investors with transparency into the transaction terms.
Key Highlights
- 1Williams Companies (WMB) agrees to sell its 54.6% stake in Williams Energy Partners L.P. (WEG).
- 2The buyer is a newly formed entity, WEG Acquisitions, L.P., a joint venture between Madison Dearborn Partners and Carlyle/Riverstone.
- 3The transaction involves the sale of an indirect ownership interest.
- 4Definitive purchase agreement is attached as Exhibit 99.1.
- 5A new omnibus agreement outlining certain benefits for WEG is attached as Exhibit 99.2.
- 6The press release announcing these matters is furnished as Exhibit 99.3, adhering to Regulation FD disclosure requirements.
Frequently Asked Questions
The primary event is The Williams Companies, Inc.'s agreement to sell its indirect 54.6% ownership interest in Williams Energy Partners L.P. (WEG).
The stake is being acquired by WEG Acquisitions, L.P., a newly formed entity owned equally by Madison Dearborn Partners, LLC and Carlyle/Riverstone Global Energy and Power Fund II, L.P.
The key documents attached are the definitive Purchase Agreement for the sale (Exhibit 99.1) and a Form of New Omnibus Agreement which details certain benefits to be provided to WEG by Williams and its subsidiaries (Exhibit 99.2).
A press release dated April 21, 2003, is furnished as Exhibit 99.3 for Regulation FD disclosure purposes, publicly announcing the details of the sale of the interest in WEG.