Dominion Energy Announces Sale Of Remaining Interest In Cove Point To Berkshire Hathaway Energy For $3.5B
Portfolio Pulse from Benzinga Newsdesk
Dominion Energy has announced the sale of its remaining interest in Cove Point to Berkshire Hathaway Energy for $3.5 billion. The sale is expected to close by the end of 2023, subject to standard HSR clearance. The after-tax proceeds are expected to be used to retire debt, making the deal highly credit accretive.
July 10, 2023 | 8:32 pm
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NEUTRAL IMPACT
Berkshire Hathaway Energy, a subsidiary of Berkshire Hathaway, is acquiring Dominion Energy's remaining interest in Cove Point for $3.5 billion. The deal is expected to close by the end of 2023.
Berkshire Hathaway Energy's acquisition of Dominion Energy's remaining interest in Cove Point for $3.5 billion is a significant investment. However, given the size and diversity of Berkshire Hathaway's portfolio, the impact on its stock price is likely to be neutral in the short term.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80
POSITIVE IMPACT
Dominion Energy's sale of its remaining interest in Cove Point to Berkshire Hathaway Energy is expected to be highly credit accretive. The deal is expected to close by the end of 2023.
The sale of Dominion Energy's remaining interest in Cove Point to Berkshire Hathaway Energy for $3.5 billion is expected to be highly credit accretive. This means that the deal will significantly improve Dominion Energy's credit profile, which could lead to a positive impact on its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100