Duke Energy (DUK) Announces Completion of Piedmont Natural Gas Acquisition

October 3, 2016 10:12 AM EDT

Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.

Duke Energy has completed its acquisition of Piedmont Natural Gas, closing the transaction effective today.

Piedmont will retain its name and operate as a business unit of Duke Energy. Both companies are headquartered in Charlotte.

The acquisition will add Piedmont's 1 million natural gas customers to Duke Energy's existing customer base of 525,000 natural gas customers and 7.4 million electric customers.

"Uniting Duke Energy with Piedmont Natural Gas is a powerful combination for our customers and the communities we serve," said Lynn Good, chairman, president and CEO of Duke Energy.

Customers can continue to do business with both Piedmont and Duke Energy in the same way they have in the past. For example, there will be no immediate changes in customer service phone numbers, billing options or service request procedures.

Internally, Duke Energy will be working to integrate Piedmont's corporate functions – such as accounting, human resources and information technology – into Duke Energy's structure.

The North Carolina Utilities Commission last week approved the acquisition – the final regulatory ruling needed to complete the transaction.

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.

Click here for more information on the North Carolina Utilities Commission's recent approval of Duke Energy's acquisition of Piedmont Natural Gas and its customer benefits.

Click here for a fact sheet about Piedmont Natural Gas.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Mergers and Acquisitions

Related Entities

Twitter, Definitive Agreement


Duke/Piedmont merger
Fred Valachovic on 2016-10-07 10:35:46
Mark as Spam | Reply to this comment


Add Your Comment