Duke Energy will purchase Piedmont Natural Gas for $4.9 billion, and the deal is expected to close by the end of next year. The North Carolina Utilities Commission and a majority of shareholders must approve the deal. As part of the deal, Duke Energy will assume about $1.8 million of Piedmont’s existing debt. Both of the headquarters will remain in Charlotte, and Piedmont Natural Gas will keep its name as a subsidiary of Duke Energy. Duke Energy is the country’s largest electric utility. 

SOURCE: News & Observer