Gas

Dominion Resources to Acquire Questar Corp. for $4.4 Billion

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Dominion Resources Inc. has agreed to purchase the Utah-based Questar Corporation in an all-cash transaction for about $4.4 billion.

Based in Utah, Questar is a natural gas distribution, pipeline, storage and cost-of-service gas supply company.

Dominion will pay Questar shareholders about $25 per share and assume the company’s debt.  The transaction is being financed with Dominion’s equity, convertibles and debt as well as equity from Dominion Midstream Partners LP.

The transaction is expected to close by the end of 2016.

Questar serves about 1 million customers in Utah, Wyoming and Idaho.  The company has about $4.2 billion in assets, about 27,500 miles of gas distribution pipeline, 3,400 miles of gas transmission pipeline and 56 cubic feet of working gas storage.