BUZZ-Williams says Blackstone group to invest $5.34 billion in power projects; shares fall

Blackstone Inc.
Williams Companies, Inc.

Blackstone Inc.

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Williams Companies, Inc.

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** Shares of pipeline operator Williams Companies WMB.N dips ~2% to $73.81

** Co says consortium led by Blackstone BX.N will invest $5.34 billion for a 49% noncontrolling stake in five of its behind-the-meter power generation projects

** The consortium will provide $4.4 billion representing 49% of expected growth capital expenditures for the projects, along with about $900 million of additional consideration to Williams

** The transaction covers the company's Socrates, Apollo, Aquila, Socrates the Younger and Neo projects, part of a broader pipeline of more than 6 gigawatts of power projects that Williams is developing

** The partnership would help fund the expansion of its Power Innovation business, which has more than 2.6 gigawatts of announced projects

** Including session's moves, WMB up 22.6% YTD


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