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Canada's Inter Pipeline completes acquisition of Williams' Canadian assets

HOUSTON, September 23, 2016 (PCW) -- The sale of Williams' Canadian businesses to Inter Pipeline has concluded, both companies announced Friday. Williams stated that the combined cash proceeds of the sale amounted to $1.38 billion CAD, while Inter Pipeline stated that deal closed for a cash consideration of $1.35 billion CAD, subject to closing adjustments.

The deal was first announced on Aug 8. It includes two NGL and olefinic liquids extraction plants located near Fort McMurray, Alberta, a fractionator near Redwater, Alberta and a 420 kilometer pipeline system that connects these facilities. Inter Pipeline said that it also assumed responsibility for the potential construction of a $1.85 billion propane dehydrogenation facility located near the Redwater fractionator.

The PDH would have a capacity of 1.2 billion lbs/yr. Williams had previously invested about $250 million in the proposed facility and had signed an agreement with privately-held North American Polypropylene to purchase 990 million lbs/yr of PGP on a 25-year term firm fee. The PGP would be consumed by a homopolymer polypropylene plant constructed by NAPP on the same site as the PDH unit. NAPP is an affiliate of private equity firm Goradia Capital.

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