The Williams Companies, Inc. (NYSE:WMB) entered into an agreement to acquire Portfolio of natural gas storage assets from Hartree Partners, LP for $2 billion on December 22, 2023. The acquisition price represents an approximate 10x estimated 2024 EBITDA multiple. The acquisition will be funded with cash on hand.

The transaction is subject to customary closing conditions, including the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and is expected to close on January 3, 2024. BofA Securities served as financial advisor to Williams. Shanu Bajaj, William A. Curran, Charlotte R. Fabiani, Kyoko Takahashi Lin, Benjamin M. Miller, Pritesh P. Shah, Howard Shelanski and H. Oliver Smith of Davis Polk & Wardwell LLP served as legal advisor to Williams. Evercore served as lead financial advisor and Wells Fargo Securities, LLC served as financial advisor to Hartree; Milbank LLP served as legal advisor to Hartree.