Enbridge Inc. (TSX:ENB) entered into an agreement to acquire Dominion Energy Questar Corporation from Dominion Energy, Inc. (NYSE:D) for $4.3 billion on September 5, 2023. In related transactions, Enbridge Inc. agreed to acquire Public Service Company of North Carolina, Incorporated, Questar Gas Company and Wexpro Company on September 5, 2023. Enbridge entered into a financing commitment letter with Morgan Stanley Senior Funding, Inc. and Royal Bank of Canada for a 364-day senior unsecured bridge facility in an aggregate initial principal amount of $9.4 billion to finance the transactions. In case of termination of the transaction, Enbridge will pay the seller a termination fee of $154.8 million. As of March 7, 2024, Dominion Energy and Enbridge expect to close on the sales of Dominion Energy's gas distribution companies headquartered in Salt Lake City, Utah, and Gastonia, N.C., in separate transactions later this year.

The transaction is subject to the satisfaction of customary conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, clearance from the Committee on Foreign Investment in the U.S., approval from the Federal Communications Commission and approvals by and/or notices to applicable state regulatory agencies. The transaction is expected to close in 2024. Joanne Katsantonis, Emilie J. McNally and Daniel E. Howell of McGuireWoods LLP acted as legal advisor to Dominion Energy. Citi and Goldman Sachs & Co. LLC acted as co-financial advisors to Dominion Energy. Morgan Stanley & Co. LLC and RBC Capital Markets acted as co-lead Financial Advisors to Enbridge. George Sampas, Audra Cohen, Tia Barancik, Mimi Wu, Kelly McGovern, Nickolas Kinslow and Dylan Ottney. Eric Wang, John Jo and James Patton III, Matt Brennan, John Estes, Nicholas Baker and Cameron Teschuk, Cathy Clarkin, Ekaterina Roze and Tyler Kohring, Rachel Yu, Ryan Logan, Grace Son, Joseph Matelis and Melike Tokatlioglu of Sullivan & Cromwell LLP and McCarthy Tétrault LLP were legal advisors to Enbridge.

Enbridge Inc. (TSX:ENB) completed the acquisition of Dominion Energy Questar Corporation from Dominion Energy, Inc. (NYSE:D) on March 6, 2024. The transaction received all customary regulatory approvals.