Duke Energy to buy Piedmont Natural Gas for $4.9 billion

26 Oct 2015 | Author: | No comments yet »

Duke Energy to acquire Piedmont Natural Gas for $4.9 billion.

Recently, Duke Energy Inc. decided to purchase Piedmont Natural Gas Co. for $4.9 billion in cash, making it part of the distribution company to the energy producer’s organization.Piedmont shareholders will receive $60 in cash for each share of Piedmont common stock, about a 40% premium to Piedmont’s Oct. 23, closing price, the companies said Monday in a statement. The acquired company, Piedmont, is known for the distribution and sales of natural gas across North Carolina, South Carolina, and Tennessee, and through subsidiaries markets gas in Georgia.

As it stands now, the deal will be completed depending on the approval by the North Carolina Utilities Commission, expiration or termination of any applicable waiting period as stated by the federal Hart-Scott-Rodino Antitrust Improvements Act of 1976, and Piedmont shareholder approval. This combination will provide us with a fast growing natural gas platform, which will benefit our customers, our investors and the community at large.”

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