Gulfstream is a 745-mile interstate gas pipeline which extends from the Mobile Bay area to markets in Florida.

Williams Partners now owns a 49% stake in Gulfstream and Williams Companies holds a 1% interest, while Spectra Energy and its subsidiaries own the remaining stake.

The total consideration for the 24.5% stake in the pipeline system included $297m in cash and $33m in WPZ limited-partner and general-partner units.

The cash portion of the acquisition was funded with Williams Partners’ revolving credit facility.