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Southwest Defies Icahn, Will Buy Questar for $2 Billion

  • Billionaire investor warned the deal would be a costly mistake
  • Nevada utility is buying pipeline company from Dominion Energy
Carl Icahn

Carl Icahn

Photographer: Neilson Barnard/Getty Images

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Southwest Gas Holdings Inc. reached an agreement to buy Questar Pipelines from Dominion Energy Inc. for about $2 billion, defying objections from activist investor Carl Icahn. 

Dominion announced the deal hours after the billionaire disclosed a 4.9% stake in Southwest and warned that the move would be a mistake. The agreement, expected to close during the current quarter, calls for Southwest to assume about $430 million in debt, according to a statement Tuesday.