Williams Cos, Williams Partners to sell Canadian operations

Mon Aug 8, 2016 4:47pm EDT
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(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)