Aug 8 (Reuters) - Pipeline company Williams Cos Inc WMB.N and its mater limited partnership said they agreed to sell their Canadian businesses to Inter Pipeline Ltd IPL.TO for total cash proceeds of C$1.35 billion ($1.03 billion).
Williams Partners LP WPZ.N 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. companies plan to use the cash proceeds to reduce borrowings on credit facilities. ($1 = C$1.32)