Pipeline giant Energy Transfer Equity will buy rival Williams Cos in a deal valued around 33 billion dollars, nearly a third less than the same offer Williams had rejected in June for being too small, according to Reuters.

The takeover ends a pursuit stretching back to January and marks the first major buyout of a midstream company since oil prices crashed. It will create one of the world’s largest energy infrastructure companies, alongside Kinder Morgan Inc. and Enterprise Products Partners.

The mostly stock offer of 43.5 dollars a share comes with the same exchange ratio as an unsolicited bid three months ago that had an implied value of 53.3 billion dollars.

Williams turned that down, but its worth has sunk by a third since then as an energy slump that started in mid-2014 drags on. Energy Transfer will take on 4.2 billion dollars in Williams’s liabilities and issue 6 billion dollars in new debt to finance the transaction. The deal comes at a time when crude oil’s more than 50 percent plunge has spoiled investors’ appetite for pipeline companies’ master limited partnerships (MLPs).