Dominion Energy, Inc., and Dominion Energy Midstream Partners, have announced that they have entered into a definitive agreement under which Dominion Energy will acquire all outstanding public common units of Dominion Energy Midstream in exchange for 0.2492 Dominion Energy common shares per unit representing an increase from the original offer of nearly 1%.
The transaction is expected to be approximately neutral to Dominion Energy's earnings guidance and credit profile. Closing of the transaction is expected to occur in the 1Q19 and will be subject to customary closing conditions.
The 4Q18 Dominion Energy Midstream common unit distribution is expected to be paid in early 2019, prior to or in conjunction with the transaction closing. The distribution is expected to be equal to the 3Q18 distribution, declared on 19 October 2018, of US$0.369 per unit. All distribution decisions are subject to approval of the Board of Directors of Dominion Energy Midstream GP, LLC, the general partner of Dominion Energy Midstream.
Moelis & Company LLC and Richards Layton & Finger P.A. acted as financial and legal advisors, respectively, to the Dominion Energy Midstream Conflicts Committee.
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