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4-Traders Homepage  >  Equities  >  Nyse  >  Williams Companies Inc    WMB

Delayed Quote. Delayed  - 09/23 10:02:34 pm
30.34 USD   -1.04%
09/24 Williams Partners completes $1.06 billion sale of Canadian assets
09/12 WILLIAMS : Corvex Issues Open Letter to New Directors of The William..
09/09 PRODUCTS PARTNE : Enterprise Products Partners withdraws interest in..
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Williams Partners completes $1.06 billion sale of Canadian assets

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09/24/2016 | 06:42pm CEST

Williams Cos. and its master limited partnership Williams Partners announced Friday that they have completed the sale of their Canadian businesses to Inter Pipeline Ltd. for combined cash proceeds of approximately $1.06 billion, or $1.38 billion in Canadian dollars.

Williams and Williams Partners first announced the sale of the Canadian assets to Canadian company Inter Pipeline Ltd. in early August. Williams and Williams Partners say that they plan to use the cash proceeds from the transactions to reduce its borrowing.

"Completing this transaction represents further progress on the commitment we made in early 2016 to strengthen our balance sheet and position Williams for continued growth," Williams President and CEO Alan Armstrong said in a statement. "This action enhances our ability to deliver on our natural gas-focused strategy and emphasis on our core business."

In recognition of the value of inter-company contracts, Williams Cos. has agreed to waive $150 million of incentive distribution rights next quarter to facilitate the partnership's consent to the sale. After taking into account this waiver, the division of the combined sales price between the entities is approximately $839 million for Williams Partners and approximately $220 million for Williams.

Certain amounts are required to be withheld and deposited into escrow accounts in accordance with the sale agreements. At closing, $105 million Canadian dollars of Williams' proceeds were placed in escrow pending the receipt of certain credits being pursued by the Canadian businesses.

Williams and Williams Partners do not expect a taxable gain on the transactions.

TD Securities Inc. acted as lead financial adviser and Barclays acted as a co-adviser to Williams on the transactions.

© Copyright (c) 2016 Tulsa World. World Publishing Co., source Newspapers

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Financials ($)
Sales 2016 7 043 M
EBIT 2016 1 862 M
Net income 2016 353 M
Debt 2016 25 169 M
Yield 2016 6,24%
P/E ratio 2016 61,60
P/E ratio 2017 20,98
EV / Sales 2016 6,81x
EV / Sales 2017 6,52x
Capitalization 22 775 M
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 30,0 $
Spread / Average Target -1,1%
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Managers
NameTitle
Alan S. Armstrong President, Chief Executive Officer & Director
Kathleen B. Cooper Chairman
Donald R. Chappel Chief Financial Officer & Senior Vice President
Janice D. Stoney Independent Director
Juanita H. Hinshaw Independent Director
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