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Aug 8 (Reuters) - Williams Companies Inc
* Co and Williams Partners announced today they have agreed to sell companies' Canadian businesses to Inter Pipeline Ltd.
* After taking into account waiver Williams will receive net consideration of about $209 million USD
* Williams, Williams Partners agree to sell Canadian businesses for $1.35 billion CAD ($1.03 billion USD)
* After taking into account waiver, Williams Partners will receive net consideration of about $817 million USD
* Williams and Williams Partners plan to use cash proceeds from transaction to reduce borrowings on credit facilities
* Williams agreed to waive $150 million USD of incentive distribution rights in quarter following closing Source text for Eikon: Further company coverage: