Dominion Resources (NYSE: D) said it completed the $492.9 million transaction to acquire Carolina Gas Transmission (CGT) from SCANA Corp. (NYSE: SCG).
CGT owns and operates nearly 1,500 miles of FERC-regulated natural gas pipeline in South Carolina and southeastern Georgia. The transaction excludes working capital adjustment and includes no assumption of debt. Dominion expects to contribute CGT into Dominion Midstream by mid-year 2015 subject to board approvals by Dominion and Dominion Midstream GP LLC. Dominion said it would continue employment for CGT’s approximately 120-person workforce.
McGuireWoods LLP was Dominion’s legal adviser for the acquisition.