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Former White House international economics adviser Clete Willems provides an update on the damage the company has suffered – saying regardless of the outcome of the lawsuit it will not be able to restore the pipeline .
Dominion Energy and Warren Buffett’s Berkshire Hathaway Energy have agreed to end a planned sale of Questar Pipelines.
| Teleprinter | security | Last | Switch | Switch % |
|---|---|---|---|---|
| BRK.A | BERKSHIRE HATHAWAY, INC. | 423 051.12 | +1 051.12 | + 0.25% |
| re | ENERGY DOMINION, INC. | 75.26 | -0.24 | -0.32% |
Dominion cited “the continued uncertainty associated with obtaining Federal Trade Commission clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976” as the reason for the termination.
A representative from Berkshire Hathaway Energy did not immediately return FOX Business’s requests for comment. An FTC spokesperson declined to comment.
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Dominion said Monday’s announcement had no impact on the sale of the gas transmission and storage assets to Berkshire Hathaway Energy.
Berkshire struck a deal last year to buy Dominion’s natural gas transmission and storage system for $ 4 billion, including more than 7,700 miles of natural gas transmission lines and 900 billion cubic feet of storage of gas, according to Reuters.
The asset sale, which represents approximately 80% of the value of the initial transaction for Questar Pipelines, was completed in November 2020.
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Additionally, the terminated sale will not change Dominion’s existing financial forecast, the company said, noting that it “will continue to account for Questar Pipelines as discontinued operations.”
The company intends to enter into a 364-day term loan, which will be used to repay Berkshire for its approximately $ 1.3 billion transaction deposit. The loan is expected to be repaid from the proceeds from the sale of Questar Pipelines to another buyer.
Dominion said it is “starting a competitive process for the sale of Questar Pipelines,” with a target of closing by the end of 2021.
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