Business Services Industry
Williams Cos. Continues Asset Reduction Plan with $1 Billion Sale.
Knight Ridder/Tribune Business News, April, 2003
By Adam Wilmoth, The Daily Oklahoman Knight Ridder/Tribune Business News
Apr. 22--TULSA, Okla. -- Williams Cos. Inc. continued its aggressive asset sales strategy Monday, announcing its second sale of more than $1 billion in less than a week.
The company said it will sell its nearly 55 percent stake in Williams Energy Partnership for $1.1 billion to a newly formed entity owned by Madison Dearborn Partners, Carlyle Group and Riverstone Holdings.
Williams will receive $512 million in cash for the assets, and the buyers will assume $570 million of the partnership's debt that has been reported on Williams' consolidated balance sheet.
"Williams has come a long way in a short time," said Steve Malcolm, Williams chairman, president...
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