Dominion Energy Sells Its Questar Pipelines Business for $ 1.975 billion | Business news

  Dominion Energy Sells Its Questar Pipelines Business for $ 1.975 billion |  Business news

The deal, announced in early October, is valued at $1.975 billion, including the assumption of $430 million of existing debt. The sale was completed on Friday.

Dominion Energy Inc. has sold its Questar Pipelines business on the Wyoming-Utah border to Southwest Gas Holdings Inc.

Highlights

  • Richmond-based Dominion Energy had bought Questar Pipelines in late 2016 in a deal valued at $1.725 billion, including $823 million in cash and assumption of $435 million in debt.

  • Selling the pipeline business allows Dominion to focus on its utility customers and its clean-energy portfolio, such as solar farms and the development of an offshore wind farm, the company has said.

Southwest Gas is a gas distribution company that serves Arizona, California and Nevada.

Questar owns and operates 1,888 miles of Federal Energy Regulatory Commission-regulated natural gas transmission and storage assets in Utah, Wyoming and Colorado.

The sale to Southwest Gas comes six months after Dominion Energy and Berkshire Hathaway Energy, a unit of Berkshire Hathaway Inc., announced that both companies had agreed to terminate a planned sale of the Questar Pipelines business because of uncertainty in receiving regulatory approval.