Williams Partners LP said Monday it will sell its interest in Williams Olefins LLC for $2.1 billion in cash to Nova Chemicals.
Williams Olefins owns an 88.5% interest in the Geismar, Louisiana olefins plant. Under terms of the deal, Williams Partners’ subsidiaries will enter long-term contracts to supply Nova with feedstock through its pipeline system. Williams plans to use the proceeds from the deal to pay off a debt and for capital and investment costs.
“The Williams Olefins transaction and these announced new supply and transportation agreements fortify our focus on natural gas market fundamentals, reduce our commodity margin exposure and secure our fee-based Gulf Coast transportation business–all consistent with Williams’ strategy to allocate capital to its core, natural gas-focused business,” said Chief Executive Alan Armstrong.
The stock, which was still inactive in premarket trade, has gained 6.8% year to date, while the S&P 500 has tacked on 4%.
By Tomi Kilgore
Source: MarketWatch
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