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Hazloc Heaters
Hazloc Heaters

Dominion Energy, Berkshire to terminate Questar Pipelines deal

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These translations are done via Google Translate
July 12 (Reuters) – Dominion Energy Inc (D.N) and a unit of Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) said on Monday they had agreed to terminate the planned sale of Questar Pipelines, citing uncertainty associated with regulatory clearance.

Berkshire Hathaway Energy last year agreed to buy Dominion’s natural gas transmission and storage network for $4 billion, to get access to more than 7,700 miles (12,390 km) of natural gas transmission lines and 900 billion cubic feet of gas storage.

The Berkshire energy unit had completed the purchase of Dominion’s natural gas transmission and storage business, exclusive of Questar Pipeline Group, in November last year and Monday’s deal termination had no impact on that deal, the companies said.

The sale of gas transmission and storage assets represented about 80% of the original transaction value.

Dominion said it would continue to account for Questar Pipelines as discontinued operations and that it was starting a process for its sale, with a target close of year-end 2021.

The company will use proceeds from a loan to repay the about $1.3 billion transaction deposit made by Berkshire Hathaway Energy. That loan is expected to be repaid by year-end 2021 with proceeds from the sale of Questar Pipelines.

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