Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of energy infrastructure company Williams Companies (NYSE:WMB) jumped as much as 26% today after announcing an acquisition.

So what: Williams is buying Global Infrastructure Partners' 50% general partner interest in Access Midstream Partners (UNKNOWN:ACMP.DL) and 55.1 million units in the limited partnership for $6 billion in cash. After the transaction closes, Williams will own 100% of the general partner and 50% of the limited partner. 

Now what: The goal long term is to merge Williams' MLP with Access Midstream's, creating one of the largest and fastest-growing MLPs in the industry. As investors have looked for access to a booming U.S. energy market, they've looked at the tax advantages of MLPs as a preferred investment vehicle and companies have responded by pushing more assets down to them. Clearly, investors like this large MLP's potential, particularly after Williams said it will increase its payout 32% to $0.56 per share.