Canadian pipeline operator Enbridge (ENB) has agreed to buy three natural gas utilities from U.S.-based Dominion Energy (D) in a deal that is worth $14 billion U.S. including debt.
Calgary-based Enbridge said that once the deal is finalized, it will create North America’s largest natural gas utility platform.
Under the terms of sale, Enbridge will acquire the East Ohio Gas Company, Questar Gas Company, and Public Service Company of North Carolina from Dominion Energy.
Enbridge said in a statement that the acquisitions will double the size of its gas utility business.
The sale of those utilities comes after Richmond, Virginia-based Dominion Energy undertook a corporate review of its assets.
The sale to Enbridge also follows an agreement Dominion struck earlier this year to sell its $3.3 billion U.S. stake in a Maryland liquefied natural gas (LNG) export facility to Berkshire Hathaway (BRK.B).
Enbridge’s stock has declined 10% over the last 12 months to trade at $48.16 per share.
The stock of Dominion Energy has fallen 43% in the past year to $46.79 U.S. a share.
