As expected, Tulsa-based Williams Cos. said Friday it would spinoff its broadband network services provider Williams Communicationsin the form of a dividend by distributing nearly 400 millionshares, about 95% of Williams Communications common stock, toholders of the parent common stock.
Williams Communications CEO Howard Janzen said that the move wasa “natural evolution of a business strategy begun in 1998,” whenthe company first entered the telecommunications business. Thespinoff will allow the company to solidify a market position in thefiber optic business, focusing only on its bandwidth-centricbusinesses.
“The spinoff gives Williams Communications the best opportunityto strengthen its industry leadership and the ability to attractinvestors who value the vast potential of broadband,” Janzen said.
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