Williams Co's PE partners in Caiman Energy II seek to cash out-sources

From Reuters - March 9, 2018

HOUSTON (Reuters) - U.S. pipeline operator Williams Cos (WMB.N) private equity partners in a midstream venture dubbed Caiman Energy II are looking to sell their minority stakes for as much as $1 billion, according to four people familiar with the matter.

Buyout firms EnCap Flatrock Midstream and Oaktree Capital Group LLC (OAK.N) own a significant minority position in Caiman Energy II, with Williams controlling the majority, according to the sources.

Caiman Energy II owns half of Blue Racer Midstream, a network of pipelines which moves natural gas in the Utica and Marcellus shale formations. Dominion Energy Inc (D.N) is the other partner in that venture.

A sale process that will result in EnCap Flatrock and Oaktree exiting their investment in Caiman Energy II is currently ongoing, according to the sources, who spoke on condition of anonymity as the information is not public.


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