Energy Transfer Equity LP won its bid to take over Williams Cos., agreeing to pay $37.7 billion for control of pipelines and plants that handle almost a third of rising U.S. natural gas demand.

Williams investors will get $43.50 a share either in cash or stock of Energy Transfer Corp. LP, an affiliate of Energy Transfer Equity, according to a statement Monday. Williams canceled its May offer to buy all stock it doesn’t own in its affiliate, Williams Partners LP. The $43.50 a share price represents a 4.6 percent premium to the Williams closing price on Sept. 25.

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