Williams Companies announced Monday that it has agreed to sell its Canadian business to Inter Pipeline for $1.03 billion.
Williams announced last month its interest in selling its Canadian operations as a way to bounce back after its failed merger with Energy Transfer and to slim down its operations and shrink its debts.
“We are proud of the tremendous businesses our Canadian team has built since we first began operating in Canada in 2002,” Williams’ President and Chief Executive Officer Alan Armstrong said Monday. “This transaction represents significant progress on a major component of the 2016 capital and financing plan we announced in January.”
Williams will receive approximately $209 million from the sale, and Williams Partners will receive approximately $817 million. The transactions are expected to close this year.