CHARLOTTE, N.C., March 14, 2016 /PRNewswire/ -- Piedmont Natural
Gas (NYSE: PNY) today received approval from the Tennessee
Regulatory Authority (TRA) for a change in control to Duke Energy
once the North Carolina Utilities Commission (NCUC) approves the
transaction and the acquisition is completed. The two energy
companies first announced the proposed acquisition in October, 2015
and expect to close on the transaction by the end of 2016.
The TRA's action is a necessary step for the operational handoff
from Piedmont to Duke Energy to
occur in Tennessee once the
acquisition is completed. It is the latest in a series of approvals
and regulatory orders that Piedmont and Duke Energy have obtained with
respect to the proposed acquisition.
In December, 2015, the Federal Trade Commission granted Duke
Energy and Piedmont early
termination of the mandatory 30-day waiting period required under
the Hart-Scott-Rodino Antitrust Improvements Act. On January 22, Piedmont's shareholders approved the proposed
acquisition and on March 7, the
Kentucky Public Service Commission issued a declaratory order that
had been requested by Duke Energy in conjunction with the proposed
acquisition.
The North Carolina Utilities Commission is the final regulatory
commission approval required for the transaction to close.
The NCUC has set July 18, 2016 as the
date to hear Duke Energy's and Piedmont's request for acquisition
approval.
Forward-Looking Statements
This document includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are based on management's beliefs
and assumptions. These forward-looking statements are identified by
terms and phrases such as "anticipate," "believe," "intend,"
"estimate," "expect," "continue," "should," "could," "may," "plan,"
"project," "predict," "will," "potential," "forecast," "target,"
"guidance," "outlook," and similar expressions. Forward-looking
statements involve risks and uncertainties that may cause actual
results to be materially different from the results predicted. Such
forward-looking statements include, but are not limited to,
statements about the expected timing of completion of the proposed
merger involving Duke Energy and Piedmont, and other statements that are not
historical facts. Important factors that could cause actual results
to differ materially from those indicated by such forward-looking
statements include risks and uncertainties relating to: the risk
that Duke Energy or Piedmont
may be unable to obtain governmental and regulatory approvals
required for the merger, or that required governmental and
regulatory approvals may delay the merger or result in the
imposition of conditions that could cause the parties to abandon
the merger; the risk that a condition to closing of the merger may
not be satisfied; the timing to consummate the proposed merger; the
risk that the businesses will not be integrated successfully; the
risk that the cost savings and any other synergies from the
transaction may not be fully realized or may take longer to realize
than expected; disruption from the transaction making it more
difficult to maintain relationships with customers, employees or
suppliers; the diversion of management time on merger-related
issues; and the effect of changes in governmental regulations.
Additional risks and uncertainties are identified and discussed in
Piedmont's reports filed with the
SEC and available at the SEC's website at www.sec.gov. In light of
these risks, uncertainties and assumptions, the events described in
the forward-looking statements might not occur or might occur to a
different extent or at a different time than described.
Piedmont does not undertake any
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily
engaged in the distribution of natural gas to more than one million
residential, commercial, industrial and power generation utility
customers in portions of North
Carolina, South Carolina
and Tennessee, including customers
served by municipalities who are wholesale customers. Our
subsidiaries are invested in joint venture, energy-related
businesses, including unregulated retail natural gas marketing, and
regulated interstate natural gas transportation and storage, and
regulated intrastate natural gas transportation businesses. More
information about Piedmont Natural Gas is available on the Internet
at http://www.piedmontng.com/.
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SOURCE Piedmont Natural Gas