Enbridge to acquire three Dominion Energy gas utilities for $14B, creating largest NA gas utility

ENBRIDGE INC

Aggregate purchase price US$14.0B (CDN$19B): US$9.4B cash plus US$4.6B assumed debt.
Acquires EOG (Ohio), Questar (Utah/Wyoming/Idaho) and PSNC (North Carolina) – ~7M customers.
Deal at ~1.3x EV/rate base (2024E) and ~16.5x P/E (2023E); expected accretive to DCFPS and EPS in first full year.
Enbridge concurrently launches a bought-deal equity offering to help fund the cash portion; $9.4B bridge facility committed.
Closings expected in 2024 subject to regulatory approvals; Enbridge maintains 2023 guidance and 4.5-5.0x leverage target.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ENBRIDGE INC entered into EOG Purchase and Sale Agreement with Dominion Energy, Inc. valued at US$6.6 billion (effective 2023-09-05).

Action: entry
Agreement: asset purchase
Counterparty: Dominion Energy, Inc.
Value: US$6.6 billion
Effective: 2023-09-05

Exact text from the filing

On September 5, 2023, subsidiaries of Enbridge Inc., a Canadian corporation (“Enbridge”), entered into three separate purchase and sale agreements with Dominion Energy, Inc., a Virginia corporation (“Dominion”), to acquire all of the outstanding equity interests in (i) Dominion Energy Questar Corporation, Dominion Energy Gas Distribution, LLC, The East Ohio Gas Company and DEO Alternative Fuel, LLC (collectively, “EOG”)

View on SEC.gov

Browse all material agreements →

ENBRIDGE INC filing history →

Source: SEC EDGAR

accession 0001104659-23-098325

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.