Dominion Resources (D +0.5%) and Questar (STR +0.1%) say the Wyoming Public Service Commission has approved their merger, clearing the way to complete their combination by the close of business Friday.
The merger would create one of the largest U.S. integrated energy companies, serving 2.5M electric utility customers and 2.3M gas utility customers in seven states, and operate 14.4K miles of natural gas transmission, gathering and storage pipelines, one of the largest U.S. natural gas storage systems, and ~25.7K MW of electric generation.
Separately, Ohio's Public Utilities Commission vote to authorize Dominion to continue its Pipeline Infrastructure Replacement program and recover associated costs for another five-year period through 2021.
Dominion Resources (NYSE:D) -0.6% AH after announcing a public offering of 25M common units, with an underwriters option to purchase up to an additional 3M units.
Each unit will be worth $50 and will consist of a contract to purchase common stock in the future and two 1/40 undivided beneficial ownership interests in remarketable subordinated notes each worth $1,000.
Dominion says it plans to use the proceeds for general corporate purposes, including funding part of its merger with Questar (NYSE:STR).
Questar (STR +0.2%) says Chairman/CEO Ronald Jibson plans to retire upon the completion of its merger with Dominion (STR +1.1%), which is expected to be completed during 2016.
Jibson became chairman in 2012 and has served as president and CEO since 2010 after leading the Questar Gas utility subsidiary; he has held several executive and management positions since starting with STR in 1980.