DM Desktop Metal Inc

   By Micah Maidenberg 
 

Dominion Energy Inc. boosted its buyout offer to owners of a publicly traded subsidiary it formed several years ago to operate natural-gas assets.

Dominion said in a statement Monday it will now offer unit holders in Dominion Energy Midstream LP 0.2492 shares of Dominion for each unit they hold in the partnership, higher than the exchange ratio the utility offered in September of 0.2468.

Based on Dominion's closing price of $73.99 a share Monday, the latest offer implies a valuation of $18.44 for Dominion Energy Midstream units, which closed Monday at $18.28.

Dominion, a Richmond, Va.-based utility company, formed the midstream partnership in 2014 to build up its natural-gas terminal, processing, storage and transport assets, according to its latest annual report.

Dominion owned about 61% of the midstream company as of Sept. 19, according to FactSet.

When it made the first offer, Dominion Chief Executive Thomas Farrell cited weakness in capital markets for master limited partnerships and a policy change implemented in March by the Federal Energy Regulatory Commission as reasons the company was pursuing the deal.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

November 26, 2018 17:17 ET (22:17 GMT)

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