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(Corrects spelling of "master" in first paragraph)
Aug 8 (Reuters) - Pipeline company Williams Cos Inc and its master 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. ($1 = C$1.32) (Reporting by Arathy S Nair in Bengaluru; Editing by Savio D'Souza)