Williams’s $38 Billion Combination with Energy Transfer Equity

On September 28, 2015, Energy Transfer Equity, L.P. and The Williams Companies, Inc. announced a business combination transaction valued at approximately $37.7 billion, including the assumption of debt and other liabilities. Cravath represented Williams in connection with this transaction. The combination will create the third largest energy franchise in North America and one of the five largest global energy companies.

The Cravath team was led by partners Minh Van Ngo and Richard Hall and included associates Michael S. Darby, A. Rebecca Hurt and Coy E. Brewer III on M&A matters; partners Andrew W. Needham and Christopher K. Fargo and associates Antje Hagena and Richard Bohm on tax matters; partner Eric W. Hilfers and associates Matthew Cantor, Matthew J. Bobby and Aaron J. Feuer on executive compensation and benefits matters; senior attorney Annmarie M. Terraciano on environmental matters; and partner Christine A. Varney on antitrust matters. Summer associate Kevin Hennecken also worked on M&A matters.