A Blackstone-led consortium including Apollo and KKR will invest $5.34 billion in Williams.
The group acquires a 49% non-controlling stake in five power generation projects. Williams receives a $900 million direct payment as part of the transaction. The consortium provides $4.4 billion to cover 49% of future growth capital expenditures.
Williams retains a 51% controlling interest and manages all commercial and operational aspects. The capital supports behind-the-meter power initiatives for data centers and AI infrastructure. This structure reduces Williams' capital exposure and corporate debt while funding power innovation.