Enbridge will buy three utilities from Dominion Energy for $14 billion including debt, the Canadian pipeline operator said on Tuesday, creating North America's largest natural gas provider and doubling its gas distribution business.
for $14 billion including debt, the Canadian pipeline operator said on Tuesday, creating North America's largest natural gas provider and doubling its gas distribution business.
U.S.-listed shares of Enbridge fell 6.5% to $33.01 in extended trading after the company also announced a C$4 billion bought-share sale to fund a portion of the deal. Upon closing, Enbridge would supply over 9 billion cubic feet per day of gas to about 7 million customers in Ohio, North Carolina, Utah, Idaho and Wyoming, making it the largest gas utility business by volume in North America.
Ratings agency Moody's swiftly downgraded the outlook for Enbridge and four subsidiaries to negative from stable, saying the deal would add pressure to an "already weak financial profile that we expect to persist following the transaction close."
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