D - Berkshire Hathaway to buy Dominion's 50% stake in Cove Point LNG in $3.3B deal

2023-07-10 16:48:49 ET

• Berkshire Hathaway Energy ( NYSE: BRK.A ) ( NYSE: BRK.B ) said Monday it agreed to acquire Dominion Energy's ( NYSE: D ) 50% stake in Cove Point LNG in a deal valued at $3.3B.
• Berkshire Hathaway Energy ( BRK.A ) ( BRK.B ), which currently operates the facility and owns a 25% limited partner interest in Cove Point LNG, will own a 75% stake after the deal closes, with Brookfield Infrastructure Partners ( BIP ) holding the remaining 25% interest.
• Dominion ( D ) said Cove Point LNG was a non-core holding as it focuses on its state-regulated utility operations.
• The company said it expects to use total after-tax proceeds of ~$3.3B to repay debt including the existing $2.3B term loan secured by its non-controlling interest in Cove Point.

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