Williams Cos, Williams Partners to sell Canadian operations
(Reuters) - Pipeline company Williams Cos Inc and its mater limited partnership said they agreed to sell their Canadian businesses to Inter Pipeline Ltd for total cash proceeds of C$1.35 billion ($1.03 billion).
Williams Partners LP will get a net consideration of about $817 million and Williams Cos will get about $209 million, after a waiver of $150 million of incentive distribution rights in the quarter, the two companies said.
Both companies plan to use the cash proceeds to reduce borrowings on credit facilities.
(Reporting by Arathy S Nair in Bengaluru; Editing by Savio D'Souza)
© Thomson Reuters 2017 All rights reserved.