Duke Energy and Piedmont Natural Gas today announced the boards of directors of both companies have unanimously approved a definitive agreement for Duke Energy to acquire Piedmont for approximately $4.9 billion in cash.
“We look forward to welcoming Piedmont’s employees and one million customers in the Carolinas and Tennessee to Duke Energy,” said Lynn Good, president and CEO of Duke Energy. “This combination provides us with a growing natural gas platform, benefitting our customers, communities and investors.”
“This is an exciting moment for Piedmont Natural Gas, its shareholders, customers and employees,” said Tom Skains, chairman, president and CEO of Piedmont Natural Gas. “The strategic combination of our two companies will deliver compelling value to our shareholders, greatly expand our platform for future growth, enhance our ability to provide excellence in customer service and give our employees more opportunities in one of the largest energy companies in the United States.”
Piedmont Natural Gas began operations in 1951 in Charlotte and Duke Energy was founded in the city in 1904. Both companies have played leading roles in supporting economic development in the Carolinas and establishing the Charlotte region as a major hub for energy companies.
Duke Energy and Piedmont also are key partners in the $5 billion Atlantic Coast Pipeline that will be the first major natural gas pipeline to serve Eastern North Carolina.
Source: Duke Energy
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