Warren Buffett has finally deployed a little bit of his $137 billion war chest.
Over the weekend, Berkshire Hathaway Inc.
said it is going to acquire Dominion Energy’s
natural gas transmission and storage business, valued at $9.7 billion including assumed debt.
The assets include over 7,700 miles of natural gas transmission lines, with approximately 20.8 billion cubic feet a day of transportation capacity and 900 billion cubic feet of operated natural gas storage.
Buffett, the chairman of Berkshire Hathaway
said the firm acquired a “great portfolio” of natural gas assets that also includes a 25% stake in Cove Point, an LNG export, import and storage facility in Maryland. “We are very proud to be adding such a great portfolio of natural gas assets to our already strong energy business.”