CHARLOTTE, N.C., Sept. 29, 2016 /PRNewswire/ -- The North
Carolina Utilities Commission (NCUC) today approved Duke Energy's
acquisition of Piedmont Natural Gas (NYSE: PNY). That action is the
final regulatory approval needed to close the transaction. The
transaction is expected to close on October
3, 2016.
Piedmont Natural Gas Chairman, President, and CEO, Thomas E. Skains, commented, "We look forward to
completing this strategic transaction and becoming a part of Duke
Energy. Piedmont's combination with Duke Energy will provide
clear benefits to our customers and the communities we serve.
Today's final regulatory approval reflects the culmination of much
hard work and collaboration on the part of both companies and we
look forward to doing great things together."
Duke Energy will acquire Piedmont for approximately $4.9 billion in cash and the assumption of
approximately $1.8 billion in long
term debt, representing a total enterprise value of
approximately $6.7 billion.
As a wholly owned subsidiary of Duke Energy, Piedmont will retain its name and brand and
will maintain its significant presence in Charlotte and the other communities it
serves.
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 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, 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/.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/nc-utilities-commission-approves-duke-energys-acquisition-of-piedmont-natural-gas-300336795.html
SOURCE Piedmont Natural Gas