Dominion Energy to Sell 25% Stake in Cove Point to Brookfield

By Colin Kellaher

Dominion Energy Inc. (D) on Monday said it agreed to sell a 25% stake in its Cove Point liquefied natural gas facility to Brookfield Super-Core Infrastructure Partners, an infrastructure fund managed by Brookfield Asset Management Inc. (BAM), for cash consideration of just over $2 billion, excluding working capital.

Dominion said the transaction represents an implied enterprise value of $8.22 billion for Dominion Energy Cove Point LNG LP, which owns an LNG import, export and storage facility in Lusby, Md., that includes a 136-mile pipeline connecting the facility with the interstate pipeline system.

Dominion, a Richmond, Va., provider of electricity and natural gas, said the transaction is part of its plan to establish a permanent capital structure for Cove Point.

Dominion said it will retain full operational control of the facility and its services upon completion of the transaction, expected by the end of the year.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

October 21, 2019 08:05 ET (12:05 GMT)

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