Summary
Dominion Energy, Inc. (D) filed an 8-K/A amendment on January 11, 2002, related to its acquisition of Louis Dreyfus Natural Gas Corp. (Louis Dreyfus). This filing provides updated financial information and pro forma statements to reflect the impact of this significant acquisition, which was treated as a purchase business combination. Investors can gain insight into the financial structure and potential combined performance following this strategic move. The acquisition involved Dominion issuing approximately 14.3 million shares of its common stock, valued at $881 million, and paying $888 million in cash for 100% of Louis Dreyfus. The acquired entity was subsequently merged into a subsidiary of Consolidated Natural Gas Company (CNG), a wholly owned subsidiary of Dominion. The financing for this transaction was primarily through long-term debt and trust preferred securities issued by CNG, with CNG also guaranteeing Louis Dreyfus' existing public notes.
Key Highlights
- 1Dominion Energy completed the acquisition of Louis Dreyfus Natural Gas Corp. through a purchase business combination.
- 2The acquisition was financed by a combination of $881 million in Dominion common stock and $888 million in cash.
- 3Louis Dreyfus has been merged into a subsidiary of Consolidated Natural Gas Company (CNG), a Dominion subsidiary.
- 4The transaction was financed through the issuance of long-term debt and trust preferred securities by CNG.
- 5CNG has agreed to guarantee the outstanding public notes of Louis Dreyfus.
- 6Pro forma financial statements are provided to illustrate the combined financial impact of the acquisition.
- 7Purchase accounting adjustments are preliminary and subject to final determination.