Williams Partners unit Utica Gas Services has agreed to buy an additional 21 percent equity interest in Utica East Ohio Midstream from EV Energy Partners for approximately $575 million.
Once complete, Williams Partners will own a 70 percent equity interest in UEO, a natural gas midstream business in the Utica Shale in eastern Ohio. The gathering, processing, fractionation and storage assets are anchored by long-term, fee-based contracted commitments, the company said in a statement.
The other member of UEO has the right to acquire a portion of EV Energy Partners’ interests in UEO for the same price. If the other member exercises this right, Williams Partners would acquire an approximate 13 percent interest and the other member would acquire an approximate 8 percent interest.
The transaction is expected to close by the middle of July 2015.
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Image: Williams