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/.
SOURCE Piedmont Natural Gas