Dominion Resources Closes Carolina Gas Transmission Acquisition - Quick Facts

(RTTNews) - Utility company Dominion Resources, Inc. (D) has closed the transaction to acquire Carolina Gas Transmission or CGT from SCANA Corp. (SCG) for around $492.9 million, exclusive of working capital adjustments. CGT owns and operates around 1,500 miles of FERC-regulated interstate natural gas pipeline in South Carolina and southeastern Georgia.

The transaction includes no assumption of debt and is likely to be immediately accretive to Dominion's operating earnings per share.

Subject to board approvals by Dominion and Dominion Midstream GP, LLC, the general partner of Dominion Midstream Partners, LP (DM), Dominion expects to contribute CGT into Dominion Midstream by mid-year 2015 for a combination of debt and units.

The contribution of CGT is also expected to be immediately accretive to Dominion Midstream's distributed cash flow per unit. This transaction supports the partnership's intention to grow distributions to unitholders at a best-in-class rate.

McGuireWoods LLP was the company's legal adviser for the acquisition.