Summary
Dominion Energy, Inc. (D) filed an 8-K on June 2, 2024, detailing the completion of its previously announced sale of Questar Gas and related entities to Enbridge Quail Holdings, LLC (Enbridge). The transaction, which closed on May 31, 2024, involved the sale of all membership interests in Fall West Holdco LLC, the intermediate holding company for Questar Gas, Wexpro Company, and other related entities. Investors should note that Dominion Energy received approximately $3.0 billion in cash and Enbridge assumed approximately $1.3 billion of indebtedness related to the sale. Questar Gas is a natural gas utility serving Utah, Wyoming, and Idaho, with Wexpro Company being a significant supplier. This divestiture is a key step in Dominion Energy's strategic repositioning, with pro forma financial information for this transaction not requiring immediate filing as the disposed business was already reported as discontinued operations.
Key Highlights
- 1Completion of the sale of Questar Gas and related entities (Fall West Holdco LLC, Wexpro Company) to Enbridge Quail Holdings, LLC on May 31, 2024.
- 2Dominion Energy received $3.0 billion in cash from the sale.
- 3Enbridge assumed approximately $1.3 billion of indebtedness related to the disposed assets.
- 4Questar Gas operates as a natural gas utility in Utah, Wyoming, and Idaho.
- 5Wexpro Company, a supplier to Questar Gas, was also part of the transaction.
- 6An amendment to the revolving credit agreement was executed to remove Questar Gas as a party, effective in anticipation of the sale.
- 7Pro forma financial information for the transaction is not required in this filing as the business was already classified as discontinued operations.