Duke Energy's (DUK) Acquisition of Piedmont Natural Gas (PNY) Receives NCUC Approval
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The North Carolina Utilities Commission (NCUC) 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.
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