Warren Buffet’s Berkshire Hathaway makes a long-awaited acquisition buying all of Gas Transmission & Storage segment assets from utility company Dominion energy in a transaction valued at $9.7 billion. The acquisition includes a 25% stake in the Cove Point LNG export facility, which is one of six currently operating LNG export terminals in the country.
Berkshire is paying Dominion a cash payment of $4 billion and the assumption of $5.7 billion of debt incurred by the Gas Transmission & Storage division of Dominion. The assets will become part of Berkshire Hathaway Energy, the wholly owned subsidiary that will now carry some 18% of all interstate natural gas transmission volume in the U.S.
Berkshire Hathaway Energy will carry 18% of all interstate natural gas transmission in the United States, up from 8% currently, by purchasing Dominion’s assets.