Global Infrastructure Partners To Sell Strategic Interest In Access Midstream Partners To Williams For $1.82 Billion In Cash

Global Infrastructure Partners To Sell Strategic Interest In Access Midstream
                Partners To Williams For $1.82 Billion In Cash

Access Midstream Partners To Concurrently Acquire Remaining Chesapeake Energy
Corporation Midstream Assets For $2.16 Billion In Cash

Global Infrastructure Partners And Williams To Commit Up To $1.16 Billion Of
New Equity Funding In Support Of Access Midstream Partners' Acquisition Of
Chesapeake Energy Corporation Midstream Assets

PR Newswire

NEW YORK, Dec. 11, 2012

NEW YORK, Dec. 11, 2012 /PRNewswire/ -- Global Infrastructure Partners (GIP),
a leading independent global infrastructure investor, announced today that
Global Infrastructure Partners I (GIP I) will sell 50% of the Access Midstream
Partners general partner (GP) and 34.5 million Access Midstream Partners, LP
(NYSE:ACMP) subordinated units to Williams (NYSE:WMB) for $1.82 billion in
cash, representing all of GIP I's remaining ownership in Access Midstream
Partners. Citi acted as exclusive financial advisor to GIP in connection with
the sale of its GIP I interests to Williams.

Following the transaction, GIP's second fund, Global Infrastructure Partners
II (GIP II), will continue to control 50% of the GP and a substantial number
of Access units. GIP believes that Williams' unparalleled midstream experience
will complement GIP's strong strategic and financial sponsorship as Access
continues to capitalize on its best-in-class business model.

Concurrent with this transaction, Access today announced that it has agreed to
acquire Chesapeake Midstream Operating, LLC (CMO) from Chesapeake Energy
Corporation (NYSE:CHK) for $2.16 billion in cash. The CMO acquisition is a
transformational opportunity for Access and will create the leading gathering
and processing growth platform in North America.

GIP and Williams have agreed to purchase up to $1.16 billion in equity
securities to support the transaction including $350 million of pay in kind
equity securities thereby demonstrating their substantial commitment to the
Partnership's long-term success.

Following the transactions, Access will become the largest gathering and
processing MLP as measured by invested capital and throughput volume and have
a substantially diversified portfolio with strategic positions in virtually
every cost advantaged basin in the country. Williams' investment alongside GIP
is a strong endorsement of this market position and future growth potential.

Matthew Harris, the GIP Partner leading the transaction commented, "Access has
a proven business model and an accomplished management team. We are very
excited to be forming a strategic partnership with Williams and believe
today's announcements will provide a strong foundation for further growth in
the years to come."

About Global Infrastructure Partners
Global Infrastructure Partners ("GIP") is an independent infrastructure fund
that invests worldwide in infrastructure assets and business in both OECD and
select emerging market countries. GIP targets investments in single assets,
and portfolios of assets and companies in power and utilities, natural
resources infrastructure, air transport infrastructure, seaports, freight
railroad, water distribution and treatment and waste management. GIP has
offices in New York and London, with an affiliate in Sydney and portfolio
company operations headquarters in Stamford, Connecticut. For more
information, visit

SOURCE Global Infrastructure Partners

Contact: Jack Cowell,, +1-212-315-8133
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