The Williams Companies and CPPIB formed a $3.8bn joint venture.

The Williams Companies, an energy company based in Tulsa, and Canada Pension Plan Investment Board formed a $3.8bn joint venture that will include Williams’ 100% owned Ohio Valley Midstream system and 100% of Utica East Ohio Midstream system. CPPIB will invest approximately $1.34bn for a 35% ownership stake in the joint venture. Williams will retain 65% ownership, will operate the combined business, and will consolidate the financial results of the joint venture in Williams’ financial statements. “Closing this transaction is another significant milestone in enhancing our position in the Northeast and accelerating ongoing strengthening of our balance sheet, we now turn our focus to hitting the ground running with our new partner CPPIB, and look forward to growing our partnership and together, realizing the shared benefits of the combining of assets in the basin,” Alan Armstrong, Williams CEO.