Enbridge Inc. announced today the successful closing of its acquisition of Public Service Company of North Carolina, Incorporated (PSNC) from Dominion Energy, Inc. This transaction is a key part of Enbridge's strategy to expand its U.S. footprint in the natural gas utility sector.
The PSNC gas utility will now operate as Enbridge Gas North Carolina and will be integrated into Enbridge's Gas Distribution and Storage Business Unit. This completion signifies the final phase of Enbridge's strategic acquisition of three U.S. based gas utilities.
The acquisition was valued at approximately $3.2 billion, which includes assumed indebtedness and is adjusted for customary closing items. This substantial investment is expected to contribute significantly to Enbridge's diversified asset base and future cash flows.
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