The Federal Trade Commission has granted early termination of the 30-day waiting period for the proposed acquisition under the federal Hart-Scott-Rodino Antitrust Improvements Act.
The deal is now due to secure approval of Piedmont’s shareholders as well as permit from the North Carolina Utilities Commission.
The companies plan to complete the transaction by the end of 2016.
Duke Energy and Piedmont also are providing information regarding the acquisition to the Public Service Commission of South Carolina and the Tennessee Regulatory Authority.
As per the deal, shareholders of Piedmont will receive $60 in cash for each share of Piedmont Natural Gas common stock.
Duke expects the acquisition to add one million gas customers in the Carolinas and Tennessee to its 500,000 existing gas customers in Ohio and Kentucky.
The two firms are key partners in the $5bn Atlantic Coast Pipeline, a 564-mile interstate natural gas transmission pipeline from West Virginia to North Carolina, US.
Upon completion of the deal, Duke Energy will have an increased stake of 50% in the pipeline project. Piedmont Natural Gas will be operated as a business unit of Duke Energy.
