Deals
Duke Energy to Acquire Piedmont Natural Gas for $4.9 Billion
- The deal triples Duke's gas customers, boosts pipeline stake
- Duke follows Southern, Emera, Black Hills gas takeovers
Why Duke Energy Wants to Buy Piedmont Natural Gas
This article is for subscribers only.
Duke Energy Corp. agreed to acquire Piedmont Natural Gas Co. for $4.9 billion in cash, adding a distributor of cheap shale gas as growth in power demand slows.
Duke follows electric utility owners Southern Co., Emera Inc. and Black Hills Corp. which have acquired gas distributors in the past 12 months. The deal increases Duke’s stake in the $5 billion Atlantic Coast Pipeline to 50 percent. When completed, the line will link gas fields in West Virginia to Duke’s service area in North Carolina.