Williams buys Gulf Coast gas operator M6 for $5.5B
What's the deal? EnCap Flatrock MidstreamDealroom has a profile for this one. Try Dealroom → has agreed to sell Momentum MidstreamDealroom has a profile for this one. Try Dealroom →, known as M6, to The Williams CompaniesDealroom has a profile for this one. Try Dealroom → for up to $5.5 billion. The consideration comprises $3.5 billion in cash and debt and roughly $2 billion of WilliamsDealroom has a profile for this one. Try Dealroom → equity.
What does M6 do? The Houston-based company runs a large natural gas system across the Gulf Coast, with over 4,000 miles of gathering and transmission pipelines. Its assets provide roughly 6 Bcf/d of capacity to more than 140 customers, including 26 power plants and 10 LNG facilities.
Why now? M6 completed a transformation in April 2025 with the acquisition of Clearfork MidstreamDealroom has a profile for this one. Try Dealroom →, building a wellhead-to-market platform in a region central to US natural gas demand growth. It has also greenlit its New Generation Gas Gathering project, a 255-mile line feeding the Gillis, Louisiana hub for US LNG.
What they're saying: "This sale validates our thesis that demand for U.S. hydrocarbons domestically and abroad will continue to grow," said Momentum chief executive officer Frank Tsuru. EnCap Flatrock founder Billy Lemmons called it "one of the most significant private midstream transactions in the U.S."
What's next? The transaction is subject to regulatory approval and customary closing conditions. BarclaysDealroom has a profile for this one. Try Dealroom → and JefferiesDealroom has a profile for this one. Try Dealroom → advised M6, with Kirkland & EllisDealroom has a profile for this one. Try Dealroom → as legal counsel; Willkie Farr & GallagherDealroom has a profile for this one. Try Dealroom → advised EnCap Flatrock.
The signal: The deal underscores how buyers are paying up for infrastructure that connects US gas supply to rising LNG export and power demand along the Gulf Coast. For EnCap Flatrock — which has raised nearly $10 billion across five funds since 2008 — it marks a large return on a strategy set out in 2022.
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