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.
Oct. 20, 2014, 7:39 AM
- Tesoro Logistics (TLLP, TSO) agrees to acquire the natural gas pipeline and processing business owned by QEP Resources (NYSE:QEP) in a $2.5B deal.
- TLLP says the deal will expand its scope to include natural gas in addition to oil, as QEP owns gas processing plants and oil and gas pipelines in Wyoming, Colorado, Utah and North Dakota.
- To help pay for the deal, plans a public offering of 19.35M common units.
- QEP says selling the midstream business would improve its financial position and help it pay down debt, as well as improve its competitive position through increased capital investment in its E&P assets.
- Williams Cos. (NYSE:WMB) and Questar (NYSE:STR) reportedly had submitted bids for the assets.
Questar Corp. engages in the manufacture and trade of natural gas. Its activities include gas development and production; interstate gas transportation and storage; and retail distribution of gas. The company was founded in 1922 and is headquartered in Salt Lake City, UT.
Sector: Basic Materials
Industry: Independent Oil & Gas
Country: United States