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WILLIAMS COMPANIES INC : Entry into a Material Definitive Agreement, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

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04/18/2017 | 10:19pm CEST

Item 1.01. Entry into a Material Definitive Agreement.

On April 13, 2017, Williams Partners L.P. (the "Partnership"), Williams Field Services Group, LLC, an indirect wholly owned subsidiary of the Partnership ("Williams FSG"), Williams Olefins, L.L.C., a wholly owned subsidiary of Williams FSG (the "Company"), NOVA Chemicals Inc. ("Nova"), and NOVA Chemicals Corporation ("Nova Parent") entered into a Membership Interest Purchase Agreement (the "Purchase Agreement") pursuant to which Williams FSG agreed to sell, and Nova agreed to buy, 100% of the issued and outstanding membership interests of the Company (the "Interests"). The Partnership has guaranteed the obligations of Williams FSG under the Purchase Agreement, and Nova Parent has guaranteed the obligations of Nova under the Purchase Agreement and other related agreements entered into in connection with the Purchase Agreement. The purchase price for the Interests is $2.1 billion, subject to a working capital adjustment.

The Purchase Agreement includes customary (1) representations and warranties of the parties, (2) covenants, including without limitation covenants with respect to actions taken prior to the closing, cooperation with respect to regulatory issues, and access to information, and (3) indemnities. The Purchase Agreement is also subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and approval by the Committee on Foreign Investment in the United States. The Purchase Agreement contains certain termination rights for the parties, including if the closing of the transactions contemplated thereby does not occur by December 22, 2017 or, under certain conditions, if there has been a breach of certain representations and warranties or a failure to perform any covenant by the other party. Closing is anticipated to occur in the summer of 2017.

Item 7.01. Regulation FD Disclosure.

On April 17, 2017, The Williams Companies, Inc. and the Partnership issued a press release announcing the entry into the Purchase Agreement. A copy of this press release is furnished and attached as Exhibit 99.1 hereto and is incorporated herein by reference.

The information furnished is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act.

Item 9.01. Financial Statements and Exhibits.


(d) Exhibits.



                   Exhibit
                     No.     Description

                   99.1      Press release dated April 17, 2017

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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Financials ($)
Sales 2017 8 086 M
EBIT 2017 2 390 M
Net income 2017 861 M
Debt 2017 21 806 M
Yield 2017 4,17%
P/E ratio 2017 28,98
P/E ratio 2018 27,45
EV / Sales 2017 5,85x
EV / Sales 2018 5,89x
Capitalization 25 456 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 32,8 $
Spread / Average Target 6,4%
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Managers
NameTitle
Alan S. Armstrong President, Chief Executive Officer & Director
Kathleen B. Cooper Chairman
Michael G. Dunn Chief Operating Officer & Executive Vice President
Donald R. Chappel Chief Financial Officer & Senior Vice President
Janice D. Stoney Independent Director
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