Williams to sell stake in Williams Energy Partners

Monday, April 21st 2003, 12:00 am
By: News On 6

(Tulsa-AP) -- A partnership that's buying Williams Energy Partners of Tulsa says the company will remain headquartered in Tulsa. About 800 employees will be offered jobs with the new owners and the current management will be retained.

Tulsa-based energy company Williams Companies said Monday it will sell its 54.6% ownership of in Williams Energy for $1.1-billion.

The buyer is a partnership of three investment firms.

Williams Companies will receive about $512-million in cash and the new owner will assume about $570-million in debt.

Williams Companies has been selling assets to reduce debt and concentrate on the production, processing and transportation of natural gas.