Duke Energy Closes Piedmont Natural Gas Acquisition
We are reaffirming our $82 per share fair value estimate for Duke Energy after it closed its $6.7 billion acquisition of Piedmont Natural Gas, including debt. We already assumed a 100% probability that the deal would close at Duke Energy's proposed $60 per share cash offer, a 100% premium to our stand-alone fair value estimate for Piedmont Natural Gas as of October 2015 when Duke Energy announced the bid.For Duke, we see strong strategic rationale in acquiring a gas distribution utility with de...
Duke Energy is a holding company. Through its subsidiaries, the company operates as an energy company. The company's segments include: Electric Utilities and Infrastructure, which provides retail electric service through the generation, transmission, distribution and sale of electricity to customers within the Southeast and Midwest regions of the United States; Gas Utilities and Infrastructure, which conducts natural gas operations, as well as owns, operates and has investments in various pipeline transmission and natural gas storage facilities; and Commercial Renewables, which acquires, develops, builds, operates and owns wind and solar renewable generation throughout the continental United States.
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