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Warren Buffet’s Berkshire Hathaway to buy Dominion Energy gas assets for US$4bn

“We are very proud to be adding such a great portfolio of natural gas assets to our already strong energy business,” Buffett said

Berkshire Hathaway - Warren Buffet’s Berkshire Hathaway to buy Dominion Energy gas assets for US$4bn

Warren Buffet’s Berkshire Hathaway Inc (NYSE:BRK.A) has agreed to buy Dominion Energy Inc’s (NYSE:D) natural gas infrastructure business in a US$4bn deal.

It sees the Oracle of Omaha pick up some 7,700 miles of pipelines and 900 billion cubic feet worth of gas storage.

Berkshire Hathaway is taking on US$5.7bn of debt as part of the deal which has a total enterprise value of nearly US$10bn.

“We are very proud to be adding such a great portfolio of natural gas assets to our already strong energy business,” Buffett said in a statement.

Meanwhile, Berkshire Hathaway Energy chief executive added: “Acquiring this portfolio of natural gas assets considerably expands our company’s footprint in several Eastern and Western states as well as globally, increasing the market reach and diversity of Berkshire Hathaway Energy.”

The transaction is expected to close in the fourth quarter of 2020.

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