Williams Cos. Inc. and Williams Partners completed the sale of their Canadian businesses to Inter Pipeline Ltd. for CA$1.38 billion in combined cash proceeds, according to a Sept. 23 press release.

In connection with the sale, Williams agreed to waive US$150 million of incentive distribution rights in the quarter following closing regarding the value of inter-company contracts. After the waiver is taken into account, the division of the combined sales price between the entities is about US$839 million for Williams Partners and about US$220 million for Williams. The proceeds will reduce borrowings on credit facilities.

In accordance with the sale agreements, at closing, CA$105 million of Williams’ proceeds were placed in escrow pending the receipt of certain credits being pursued by the Canadian businesses.

In compliance with certain tax rules pertaining to a sale of Canadian assets by a foreign parent, 25% of the total proceeds were deposited with an escrow agent—after the withholding--pending receipt of Canadian Revenue Agency tax clearance, which is expected in late 2016 or early 2017.

TD Securities Inc. was the lead financial adviser and Barclays was a co-adviser to Williams.

Williams Cos. Inc. is based in Tulsa, Okla.