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Warren Buffett’s Berkshire buys Dominion Energy's natural gas assets for $4 billion

06.07.2020 13:01:16
137838

Berkshire Hathaway Inc.’s (BRK.A, BRK.B) Chief Executive Officer Warren Buffett announced on Monday that its energy unit agreed to purchase the natural gas transmission and storage assets of utility company Dominion Energy Inc. (D.N) worth $4 billion. It’s the first major purchase from Berkshire since the coronavirus pandemic and subsequent market collapse in March 2020.

“We are very proud to be adding such a great portfolio of natural gas assets to our already strong energy business,” Buffett stated.

On Sunday, the company disclosed the transaction details with Dominion Energy which includes more than 7,700 miles (12,390 km) of natural gas transmission lines and 900 billion cubic feet of gas storage.

Aside from Dominion Energy Transmission, Berkshire Hathaway Energy is also buying the Questar Pipeline, Carolina Gas Transmission, 50% of the Iroquois Gas Transmission System, and 25% of the Cove Point liquefied natural gas facility in Maryland.

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29.07.2020 09:00:24

Indonesia launches $7 billion loan guarantee scheme for 'priority' companies

Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister ...

24.07.2020 11:00:24

Elon Musk’s SpaceX in talks to raise new funds at $44 billion valuation

Bloomberg News reported on Thursday that Elon Musk’s Space Exploration Technologies Corp. (SpaceX) is in talks to raise new funds at a valuation of $44 billion. The aerospace company said that it is in discussions with a number of investors ...

21.07.2020 13:00:23

Adevinta acquires eBay's classified ads business unit in a $9.2 billion deal

On Tuesday, Ebay Inc. (EBAY.O) announced that it had reached a deal to sell off its classified ads business unit to Adevinta ASA (AD5B), a Norway-based classified ads publisher owned by Danish media company Schibsted (SBSTA.OL). The classified ...

15.07.2020 12:00:39

CoreLogic rejects $7 billion offer from Cannae Holdings and Senator Investment LP

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15.07.2020 10:00:27

Asian shares, risk assets advance on vaccine optimism

Asian share markets advanced on Wednesday as growing hopes about a coronavirus vaccine supported risk appetite. Meanwhile, the euro reached its four-month peak backed by the prospect of stimulus ahead of a crucial EU meeting. MSCI’s ...

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