Dominion Energy, Berkshire Hathaway Affiliate Scrap Sale of Questar Pipelines
July 12 2021 - 8:02AM
Dow Jones News
By Dave Sebastian
Dominion Energy Inc. has agreed to scrap the planned sale of
Questar Pipelines to a Berkshire Hathaway Inc. affiliate, the
companies said.
The companies on Monday said they decided to terminate the sale
due to ongoing uncertainty related to achieving clearance from the
Federal Trade Commission.
The decision doesn't affect the sale of gas transmission and
storage assets to Berkshire Hathaway Energy completed in November
2020, the companies said. That sale reflected about 80% of the
original transaction value, the companies added.
Dominion Energy said it is starting a competitive sale process
for Questar Pipelines, with a target close of the end of 2021. The
company said the deal's termination doesn't change its existing
financial guidance. It said it would continue to account for
Questar Pipelines as discontinued operations.
Dominion Energy said it intends to enter into a 364-day term
loan and use proceeds from the loan to repay the roughly $1.3
billion transaction deposit made by Berkshire Hathaway Energy. It
expects to repay the loan by the end of 2021 with proceeds from the
sale of Questar Pipelines to an alternative buyer.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
July 12, 2021 07:55 ET (11:55 GMT)
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