Williams Companies is planning to divide its businesses into two separate, publicly traded companies, The Wall Street Journal reports. The U.S. pipeline operator is planning to separate its exploration and production business from its infrastructure business through an initial public offering of up to 20% of the interest.
The Oklahoma-based company is planning to schedule the offering in the third quarter of this year. Williams plans to use the proceeds to pay down debt. The separation, which will not require shareholder approval, will be subject to regulatory approval.
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