Buffett’s Berkshire buys Dominion Energy

In its first major acquisition since the coronavirus pandemic struck, Berkshire Hathaway has agreed to purchase natural gas transmission and storage assets of Dominion Energy for $4 billion, according to an article in CNBC.

Including the assumption of debt, the article reports, the deal totals almost $10 billion: “For Dominion, the move is part of its transition to a pure-play regulated utility company that focuses on clean energy production from wind, solar, and natural gas.” For Berkshire, the move increases its footprint from 8% to 18% of all interstate natural gas transmission in the U.S. 

The article reports that the deal is subject to regulatory approval and is expected to close in the fourth quarter of this year.