The Williams Companies, Inc. (NYSE:WMB) entered into an agreement to acquire Gemini Arklatex LLC from Trace Midstream Partners, LLC for approximately $950 million on March 14, 2022. The acquisition is expected to result in an investment at approximately 6 times 2023 EBITDA, with strong growth anticipated and minimal expansion capital required, thereby supporting Williams' strong credit metrics. The transaction is expected to close in the second quarter subject to regulatory approvals. RBC Capital Markets served as lead financial advisor to Williams; Citi served as lead financial advisor to Trace. Oliver Smith, Ajay B. Lele, Pritesh P. Shah, William A. Curran, Kyoko Takahashi Lin, and Stephen I. Brecher of Davis Polk & Wardwell LLP acted as legal advisor to Williams and Vinson & Elkins LLP acted as legal advisor to Trace.

The Williams Companies, Inc. (NYSE:WMB) completed the acquisition of Gemini Arklatex LLC from Trace Midstream Partners, LLC on April 29, 2022. The consideration was funded with available sources of short-term liquidity, subject to working capital and post-closing adjustments. As on August 1, 2022, The Williams Companies, Inc reported consideration for Gemini Arklatex, LLC was approximately $972 million as post closing adjustments. The consideration of $972 million was funded with cash on hand and proceeds from issuance of commercial paper, subject to post-closing adjustments.