Wachtell, Lipton, Rosen & Katz and Latham & Watkins represent Dallas-based Energy Transfer Equity in its pending acquisition of The Williams Cos. of Tulsa in a deal valued at $37.7 billion. Williams turned to lawyers from Cravath, Swaine & Moore and Gibson, Dunn & Crutcher.

On Sept. 28, Energy Transfer Equity (ETE) announced the business combination transaction with pipeline company Williams valued at $37.7 billion, including assumption of debt and other liabilities. Terms call for Energy Transfer Corp. (ETC), an affiliate of ETE, to acquire Williams for an implied current price of $43.50 for each Williams share, with Williams shareholders given the option of receiving ETC stock and/or cash. Additionally, Williams shareholders will be entitled to a one-time dividend of 10 cents for each share of Williams stock they own, which will be paid immediately prior to closing of the transaction.

The boards of directors of both companies have approved the transaction. The closing is subject to customary conditions, including approval from Williams shareholders and regulatory approvals. It is expected to close during the first half of 2016.