- Enbridge (TSX:ENB) will buy three utilities from Dominion Energy Inc. (NYSE:D), creating North America’s largest natural gas provider
- This move expected to cost US$14 billion will also double Enbridge’s gas distribution business
- The Calgary-based pipeline operator said in a statement that the acquisition would create the capacity to deliver 9.3 billion cubic meters per day to customers in Ohio, Utah, Idaho, Wyoming and North Carolina
- Enbridge Inc. opened trading at C$45.32 per share
Enbridge (TSX:ENB) will buy three utilities from Dominion Energy Inc. (NYSE:D), creating North America’s largest natural gas provider.
This move expected to cost US$14 billion will also double Enbridge’s gas distribution business.
U.S. and Canadian listed shares of Enbridge were down in Wednesday trading after the company also announced a C$4 billion bought-share sale to fund a portion of the deal.
The Calgary-based pipeline operator said in a statement that the acquisition would create the capacity to deliver 9.3 billion cubic metres per day to customers in Ohio, Utah, Idaho, Wyoming and North Carolina.
Dominion’s gas utilities moving under Enbridge are: The East Ohio Gas Company, Public Service Company of North Carolina, and Questar Gas Company, which serve 3.5 million homes and businesses.
Dominion is one of the largest producers and transporters of energy in the United States.
Enbridge is an energy transportation and distribution company that operates through five business segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services.
Enbridge Inc. opened trading at C$45.32 per share.
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