Access Midstream Partners LP (NYSE:ACMP) said in a press release that it will acquire the bulk of Chesapeake Energy's (NYSE:CHK) natural gas gathering and processing assets. The price is $2.16 billion in cash. The purchase adds to and expands Access' gathering and processing capacity in five natural gas plays.
According to the company, its purchase "provides immediate entry to gathering opportunities in key liquids-rich regions and to the processing and fractionation segments of the midstream value chain."
In another development, Access and Williams Cos. (NYSE:WMB) both announced in separate press releases that the latter is to acquire around 25% of Access, and a 50% stake in Access Midstream Partners GP (the entity holding general-partner control of the similarly named LP).
Previously, Access Midstream Partners LP was a unit of Chesapeake. Earlier this year, it bought a number of assets divested by its former parent.
Eric Volkman has no positions in the stocks mentioned above. The Motley Fool has options on Chesapeake Energy. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.