Jul 5, 2020
Berkshire Hathaway Buys Dominion Gas Assets in $9.7 Billion Deal
Bloomberg News
,(Bloomberg) -- Berkshire Hathaway has agreed to buy Dominion Energy’s natural gas transmission and storage business in a deal with an enterprise value of $9.7 billion.
According to a statement, the assets include more than 7,700 miles of natural gas transmission lines with about 20.8 billion cubic feet per day of transportation capacity.
Dominion will use $3 billion of the proceeds to buy back shares.
Warren Buffett’s conglomerate will also acquire 25% of Cove Point LNG, a natural gas company in Maryland that Dominion will continue to own half of.
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