Duke Energy to Acquire Piedmont Natural Gas for $4.9 Billion

Duke Energy and Piedmont Natural Gas have approved a definitive agreement for Duke Energy to acquire Piedmont for approximately $4.9 billion in cash. 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.

“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,” said Tom Skains, chairman, president and CEO of Piedmont Natural Gas.