Lateral Capital Management
Richard Zeits • 34 Comments
Mon, Feb. 1, 8:01 AM
- Dominion Resources (NYSE:D) agrees to acquire Questar (NYSE:STR) for ~$4.4B, including debt, in an attempt to expand its natural gas operations.
- Dominion's $25/share cash offer represents a ~23% premium to STR's closing price on Friday.
- Dominion says the combined company will serve ~2.5M electric utility customers and 2.3M gas utility customers in seven states, and operate more than 15.5K miles of natural gas transmission, gathering and storage pipelines and 24.3K MW of power generation.
- D -2.4%, STR +20.2% premarket.
Apr. 1, 2015, 8:16 AM
- Dominion Midstream Partners (NYSE:DM) agrees to acquire Dominion Carolina Gas Transmission from Dominion Resources (NYSE:D) for ~$495M.
- DM says the deal supports its intention to grow distributions to unitholders at a compounded annual growth rate of ~22%/year through the end of the decade.
- DM expects the addition to be immediately accretive to its distributed cash flow per unit.
Jan. 21, 2014, 12:57 PM
- NiSource (NI +0.7%) is discussed by Bloomberg as a prime acquisition candidate for utility companies seeking to profit from the shale gas boom.
- NI surged to all-time highs last week amid takeover speculation fueled by a December report that Dominion Resources (D +0.2%) was raising money for a purchase; an all-cash deal would give Dominion complementary gas assets and boost its earnings, even if it paid a 20% premium to NI’s Friday closing price of $33.89, according to Bernstein analysts.
- NI’s Columbia Pipeline Group operates ~15.7K miles of lines that stretch from Louisiana to New York, as well as gas and electric utilities; analysts say NI's growing pipeline business has appeal, "both fundamentally and to those who could conceivably use financial engineering to extract even greater value."
Mar. 11, 2013, 9:44 AM
Dominion Resources (D +0.4%) agrees to sell three merchant power plants in Massachusetts and Illinois to private-equity firm Energy Capital Partners in a deal that will result in after-tax proceeds of approximately $650M. Dominion will use the money repay debt and to invest in its regulated ops. The transaction partly represents Dominion's strategy of exiting the the merchant coal-fired generation business. (PR)| Mar. 11, 2013, 9:44 AM
Sep. 6, 2012, 10:32 AM