US power utility Duke Energy will acquire Piedmont Natural Gas for approximately US$4.9bn in cash.
Piedmont Natural Gas is an energy services company distributing gas to more than 1 million residential, commercial, industrial and power-generation utility customers in portions of North Carolina, South Carolina and Tennessee (United States). Duke Energy is the largest power holding company in the United States with regulated utility operations serving around 7.3 million electric customers located in six states in the Southeast and Midwest. Piedmont Natural Gas will retain its name, operate as a business unit of Duke Energy. Duke Energy and Piedmont are already key partners in the US$5bn Atlantic Coast Pipeline that will be the first major natural gas pipeline to serve Eastern North Carolina.
The transaction is subject to approval by the North Carolina Utilities Commission and is expected to close by the end of 2016.