Upon completion of the transaction, which is schedule in the middle of July 2015, Williams Partners’ subsidiary Utica Gas Services will own a total of 70% stake in UEO, a substantial natural gas midstream business in the Utica Shale in eastern Ohio.

Williams Partners general partner chief executive officer Alan Armstrong said: "Acquiring these cash-generating assets supports our strategy to grow our natural gas midstream position in key basins.

"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."

Williams will waive approximately $43m of general partner incentive distribution rights for the three-year period 2015 through 2017, as part of the recent agreement.

The agreement is dependent on customary purchase price adjustments and closing conditions, including waiting period termination under the Hart-Scott-Rodino Antitrust Improvements Act.