Williams Partners To Buy Another 21% Stake In UEO For $575 Mln

Williams Partners L.P. said Monday it is buying an additional 21% stake in Utica East Ohio Midstream LLC (UEO)from a unit of EV Energy Partners LP for about $575 million. The acquisition will increase Williams' stake in the natural gas midstream business in the Utica Shale formation in eastern Ohio to 70%. "This fixed-fee business will be accretive to Williams Partners beginning in 2015 and the partnership has attractive growth opportunities as the Utica continues to develop," Chief Executive Alan Armstrong said in a statement. Williams' shares were not active in premarket trade but have fallen 4.5% in the year so far, while the S&P 500 has gained 0.4%.