Transfer Williams Buyout — Energy

The merger failed, and both companies remained independent. The event is widely studied as a case study in failed corporate mergers driven by changing market conditions and unmet closing conditions (specifically, tax opinions).

In September 2015, Energy Transfer Equity, L.P. (ETE) announced a definitive agreement to acquire The Williams Companies, Inc. (WMB) in a cash-and-stock transaction valued at approximately $33 billion to $37.7 billion (including debt). The deal aimed to create one of the world's largest energy infrastructures, holding roughly 100,000 miles of pipelines. Key Deal Components energy transfer williams buyout

ETE created a new entity, Energy Transfer Corp LP (ETC) , to serve as the acquiring vehicle. The merger failed, and both companies remained independent

The deal required a tax opinion from Latham & Watkins LLP that the transaction would be tax-free. Latham advised they could not deliver this opinion, a condition needed for closing. (ETE) announced a definitive agreement to acquire The

The acquisition was highly prized for Williams' 10,000-mile Transco natural gas network, a major artery connecting Texas to the Northeast.