Blog Coverage Duke Energy Completes Piedmont Natural Gas Acquisition and to Sell Ownership in Atlantic Coast Pipeline to Dominion Resources

LONDON, UK / ACCESSWIRE / October 3, 2016 / Active Wall St. blog coverage looks at the headline from Duke Energy Corporation (NYSE: DUK). The company reported On September 30th, 2016, the North Carolina Utilities Commission (NCUC) approved Duke Energy’s acquisition of Piedmont Natural Gas Co. Inc. (NYSE: PNY) (“Piedmont”). This was the final regulatory approval needed to close the transaction which is expected to be finalized on October 3rd, 2016. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.

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The Deal

“This combination provides clear benefits to our customers and the environment as we continue to expand our use of low-cost and clean natural gas and invest in pipelines,” said Lynn Good, chairman, president and CEO of Duke Energy.

The Tennessee Regulatory Authority and Piedmont’s shareholders previously approved the transaction, and the United States Federal Trade Commission has already granted early termination of the waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act.

Duke Energy acquired Piedmont for approximately $4.9 billion in cash and assumption of approximately $1.8 billion in Piedmont’s existing net debt, representing total enterprise value of approximately $6.7 billion.

The acquisition will add Piedmont’s 1 million natural gas customers in North Carolina, South Carolina, and Tennessee to Duke Energy’s existing customer base of 525,000 natural gas customers and 7.4 million electric customers. Piedmont will retain its name, operate as a business unit of Duke Energy and maintain its presence in Charlotte.

The Atlantic Deal

Duke Energy also confirmed that it will sell some if its ownership shares in the Atlantic Coast Pipeline to Dominion Resources Inc.

As per the agreement that formed the joint venture in 2014 for the proposed 600-mile pipeline that will transport shale gas from a terminal in West Virginia to coastal Virginia and through eastern North Carolina, Dominion must be the largest owner – the original ownership breakdown had Dominion holding 45 % share, Duke with 40% share, Piedmont having 10% stake and AGL Resources which was purchased by Southern Co. had a 5%.

As after Duke Energy’ s acquisition of Piedmont will increase its ownership to 50%, Dominion said it will follow through with a previously announced plan to purchase a 3% stake from Duke Energy, post the acquisition Dominion will have 48% ownership of the project while Duke Energy will hold 47%.

Stock Performance

Duke Energy’s stock is trading slightly down by 0.34%, closing Friday’s session at $80.04 on volume of 3.88 million shares. The company’s shares gained 15.66% since the beginning of the year. Additionally, the stock has advanced 18.27% in the last twelve months. The company’s shares are trading a PE ratio of 21.01 and have a dividend yield of 4.27%.

Dominion Resources’ share price finished yesterday’s trading session at $74.27, sliding 0.64%. A total volume of 3.15 million shares exchanged hands, which was higher than the 3 months average volume of 2.67 million shares. The stock has advanced 1.51% and 11.62% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the company have gained 13.05%. The stock is trading at a PE ratio of 23.19 and has a dividend yield of 3.77%.

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