Williams sells stake in Williams Energy Partners
Wednesday, June 18th 2003, 12:00 am
By: News On 6
(Tulsa-AP) -- Williams Companies says it has completed the sale of its majority stake in Williams Energy Partners, a deal worth $510-million in cash.
The previously announced sale of Williams' 54.6% interest to a group of three investment firms will remove $570-million of debt from the Tulsa-based energy firm's consolidated balance sheet.
The sale comes in Williams' continuing effort to sell assets and strengthen its finances.
With the sale, Williams says it's received nearly all the $2.75-billion expected in cash from asset sales closed or announced this year.
Williams says most of the more than 800 Williams employees who provide support to Williams Energy Partners will become employees of the buyer or partnership.