RICHMOND, Va., Feb. 2, 2015 /PRNewswire/ -- Dominion
Resources, Inc. (NYSE: D), today announced that it has closed the
transaction to acquire Carolina Gas Transmission (CGT) from SCANA
Corporation (NYSE: SCG) for approximately $492.9 million, excluding working capital
adjustments. CGT owns and operates nearly 1,500 miles of
FERC-regulated interstate natural gas pipeline in South Carolina and southeastern Georgia.
The transaction includes no assumption of debt and is expected
to be immediately accretive to Dominion's operating earnings per
share.
Subject to board approvals by Dominion and Dominion Midstream
GP, LLC, the general partner of Dominion Midstream Partners, LP
(NYSE: DM), Dominion expects to contribute CGT into Dominion
Midstream by mid-year 2015 for a combination of debt and units.
The contribution of CGT is also anticipated to be immediately
accretive to Dominion Midstream's distributed cash flow per unit.
This transaction supports the partnership's intention to grow
distributions to unitholders at a best-in-class rate.
Dominion is offering continued employment for CGT's
approximately 120-person workforce. In addition, the company has
committed to an extended period of rate stability for current CGT
customers. Dominion expects to build upon CGT's existing
infrastructure growth plans to enable this fully subscribed system
to meet the increasing demand for natural gas transportation
services in the region.
McGuireWoods LLP was the company's legal adviser for the
acquisition.
About Dominion
Dominion is one of the nation's largest
producers and transporters of energy, with a portfolio of
approximately 24,600 megawatts of generation, 12,400 miles of
natural gas transmission, gathering and storage pipeline, and 6,455
miles of electric transmission lines. Dominion operates one of the
nation's largest natural gas storage systems with 947 billion cubic
feet of storage capacity and serves utility and retail energy
customers in 12 states. For more information about Dominion, visit
the company's website at www.dom.com.
About Dominion Midstream
Dominion Midstream is a
growth-oriented Delaware limited
partnership formed by Dominion Resources, Inc., in March 2014 to initially own all of the
outstanding preferred equity interests in Dominion Cove Point LNG,
LP, a Delaware limited
partnership, which owns liquefied natural gas import, storage,
regasification and transportation assets. It is headquartered in
Richmond, Va. For more information
about Dominion Midstream, visit its website at
www.dommidstream.com.
This news release includes certain forward-looking
information that is subject to various risks and uncertainties.
Words such as "expect," "target," "would," "will," "anticipate,"
"believe," "estimate," "intend," "may," "plan," "predict,"
"project," "should" and similar terms and phrases are used to
identify forward-looking statements. A number of factors
that could cause actual results to differ from those in the
forward-looking statements are identified in Dominion's and
Dominion Midstream's filings with the SEC. You are referred to
those discussions for further information. These statements
are not guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict.
Any forward-looking statement speaks only as of the date on which
it is made, and the companies undertake no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which it is made.
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SOURCE Dominion; Dominion Midstream