In the News: Duke Energy to Acquire Piedmont Natural Gas for $6.7 Billion

Duke Energy Corp. announced Oct. 26 it will acquire Piedmont Natural Gas Co. Inc. for $4.9 billion in cash. Duke will also assume $1.8 billion in Piedmont existing net debt. Piedmont began operations in 1951 in Charlotte, NC and is primarily engaged in distributing natural gas to over 1 million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee. Duke and Piedmont are key partners in the $5 billion Atlantic Coast Pipeline that will be the first major natural gas pipeline serving eastern North Carolina.