Consumer protection agency the Federal Trade Commission approved Duke Energy’s proposed $4.9 billion acquisition of Piedmont Natural Gas, clearing a key antitrust hurdle on the road to finalizing the deal. Regulators granted early termination of the 30-day waiting period for approval under the Hart-Rodino Scott Act, according to a Piedmont Natural Gas news release.
The FTC approval means the two companies need only the approval of Piedmont Natural Gas shareholders along with the approval of the North Carolina Utilities Commission in order to close the deal. The companies are also providing information regarding the purchase to the Public Service Commission of South Carolina and the Tennessee Regulatory Authority.
Based in Charlotte, Duke Energy is the largest electric power company in the U.S., and serves 7.3 million electric customers across six states. Piedmont Natural Gas serves residential, commercial, industrial and power-generation utility customers in parts of North Carolina, South Carolina and Tennessee.
