Dominion Energy sells three gas LDCs to Enbridge for $14B; proceeds to reduce debt

DOMINION ENERGY, INC

Total transaction value $14B: $9.4B cash + $4.6B debt assumption; all sales expected by end of 2024.
After-tax proceeds ~$8.7B to retire parent debt; FFO/debt improves ~3.4%.
East Ohio Gas: $6.6B ($4.3B cash); PSNC: $3.1B ($2.2B cash); Questar Gas/Wexpro: $4.3B ($3.0B cash).
Closings subject to HSR, CFIUS, FCC, and state utility approvals; not cross-conditioned.
Company continues business review; investor event planned in Q4 2023 for repositioned outlook.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DOMINION ENERGY, INC entered into PSNC Purchase Agreement with Enbridge Parrot Holdings, LLC valued at approximately $3.1 billion (effective 2023-09-05).

Action: entry
Agreement: asset purchase
Counterparty: Enbridge Parrot Holdings, LLC
Value: approximately $3.1 billion
Effective: 2023-09-05

Exact text from the filing

Dominion Energy has agreed to sell PSNC under the terms of a Purchase and Sale Agreement (the “PSNC Purchase Agreement”) with Enbridge Parrot Holdings, LLC

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DOMINION ENERGY, INC entered into Questar Gas Purchase Agreement with Enbridge Quail Holdings, LLC valued at approximately $4.3 billion (effective 2023-09-05).

Action: entry
Agreement: asset purchase
Counterparty: Enbridge Quail Holdings, LLC
Value: approximately $4.3 billion
Effective: 2023-09-05

Exact text from the filing

Dominion Energy has agreed to sell Questar Gas along with Wexpro under the terms of a Purchase and Sale Agreement (the “Questar Gas Purchase Agreement”) with Enbridge Quail Holdings, LLC

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DOMINION ENERGY, INC entered into East Ohio Gas Purchase Agreement with Enbridge Elephant Holdings, LLC valued at approximately $6.6 billion (effective 2023-09-05).

Action: entry
Agreement: asset purchase
Counterparty: Enbridge Elephant Holdings, LLC
Value: approximately $6.6 billion
Effective: 2023-09-05

Exact text from the filing

Dominion Energy has agreed to sell East Ohio Gas under the terms of a Purchase and Sale Agreement (the “East Ohio Gas Purchase Agreement”) with Enbridge Elephant Holdings, LLC

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DOMINION ENERGY, INC entered into Purchase Agreement with wholly-owned subsidiaries of Enbridge Inc. valued at $14.0 billion (effective 2023-09-05).

Action: entry
Agreement: asset purchase
Counterparty: wholly-owned subsidiaries of Enbridge Inc.
Value: $14.0 billion
Effective: 2023-09-05

Exact text from the filing

On September 5, 2023 (the “Effective Date”), Dominion Energy, Inc. (“Dominion Energy”) entered into three separate definitive purchase and sale agreements (each a “Purchase Agreement” and collectively the “Purchase Agreements”) with wholly-owned subsidiaries of Enbridge Inc.

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273 material agreements filed in the last 30 days. Browse all material agreements →

DOMINION ENERGY, INC filing history →

Source: SEC EDGAR

accession 0001193125-23-228542

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