NEW YORK (AP) - Dominion Resources is buying Questar for approximately $4.4 billion, a big reach to the West for the East coast energy company.
NEW YORK (AP) — Dominion Resources is buying Questar for approximately $4.4 billion, a big reach to the West for the East coast energy company.
Dominion operates in the mid-Atlantic region. Questar is in the Rockies and a principal source of gas supply to Western states.
The combined business would serve about 4.8 million electric and gas customer accounts in seven states and would operate more than 15,500 miles of natural gas transmission, gathering and storage pipelines.
Questar shareholders will receive $25 per share, a 23 percent premium to its Friday closing price of $20.39.
Questar Corp. will keep its headquarters in Salt Lake City. Its stock surged more than 20 percent Monday before the opening bell.
The transaction is targeted to close by the end of the year, according to Dominion Resources Inc.