By OGJ editors
HOUSTON, Apr. 2 -- Duke Energy Corp., Charlotte, NC, has closed on the $8 billion acquisition of Vancouver-based Westcoast Energy Inc. (OGJ, Oct. 1, 2001, p. 36).The companies have received all required regulatory approvals for the acquisition.
The transaction, valued at about $8 billion based on cash, stock consideration, and debt assumed, is expected to be accretive to Duke Energy's earnings.
The transaction paves the way for Duke's acquisition of of a major natural gas transportation infrastructure. The deal adds a network of mostly Canadian-based natural gas assets—6,900 miles of transmission pipeline, 141 bcf of storage capacity, processing plants, and more than 1 million gas distribution customers—to Duke Energy's portfolio.
Houston-based Duke Energy Gas Transmission will operate the former Westcoast transmission, storage, and distribution systems.