Bear Energy buys Williams Power assets
Bear Energy, a Houston-based, wholly owned subsidiary of Bear Stearns, has reached a deal to acquire “substantially all” of the power and natural gas assets comprising the power trading business of Williams Power Company.
Under the deal, Bear Energy will assume the portfolio of assets from the Tulsa-based energy trading and marketing subsidiary of The Williams Companies, Inc. This includes approximately 7700 megawatts of gas-fired tolling capacity, 1800 megawatts of full requirements power supply contracts, and an associated trading book. Bear Energy will also acquire various information systems and seek to hire Williams Power Company employees, the company said.
The base price of the deal is $512 million
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