TPG Growth To Sell Discovery Midstream To KKR-Williams JV - Quick Facts

(RTTNews) - KKR (KKR) announced an agreement to acquire Discovery Midstream from TPG Growth for approximately $1.2 billion, through a newly formed joint venture with Williams (WMB). Discovery is a provider of oil and natural gas gathering and natural gas processing services in the southern portion of Colorado's Denver-Julesburg Basin. The company's infrastructure and related facilities are strategically located across more than 250,000 dedicated acres primarily in Weld and Adams counties.

Upon close, Discovery will be led by its existing management team and Williams' initial economic contribution and ownership will be 40 percent of the purchase price, while KKR's initial economic contribution and ownership will be 60 percent of the purchase price. Williams will be the operator of Discovery and will hold a majority of governance voting rights. Williams has committed to fund additional capital as required to bring its economic ownership to 50/50.

Separately, Williams announced the combined sale of assets and equity comprising WPZ's Four Corners Area business in New Mexico and Colorado to Harvest Midstream Company for $1.125 billion in cash.