Williams Cos. is in advanced talks to acquire rival natural gas pipeline operator Momentum Midstream for approximately $5.5 billion, according to people familiar with the matter.

Bloomberg reported, citing sources who spoke on the condition of anonymity, Williams is finalizing an agreement to purchase the pipeline operator from private equity firm EnCap Flatrock Midstream.

According to the sources, a formal announcement could come within a week. However, they cautioned that no final decision has been made and EnCap could still choose to retain the company.

EnCap Flatrock was established in 2008 as a partnership between Flatrock Energy Advisors and EnCap Investments.

The acquisition would significantly expand Williams' ability to transport natural gas from the prolific Haynesville shale fields of East Texas and Northern Louisiana directly to export terminals along the U.S. Gulf Coast.

Currently, Williams owns and operates more than 30,000 miles of pipeline infrastructure.

Securing Momentum’s network is strategically timed. The United States is already the world’s leading exporter of liquefied natural gas, and international shipments are projected to roughly double by 2030 as a wave of new export terminals comes online across Texas and Louisiana.

Momentum Midstream has aggressively expanded its footprint in the East Texas and Louisiana regions. According to its website, the company operates a 4,000-mile pipeline network that directly services 10 LNG facilities and 26 power plants.

If completed, the transaction would mark one of the largest acquisitions ever for the Tulsa-based energy infrastructure giant.