US-based North Carolina Utilities Commission (NCUC) has approved Duke Energy's proposed acquisition of energy services company Piedmont Natural Gas for $4.9 billion.
Duke Energy said that this order is the final regulatory approval required to close the deal.
The transaction previously had approval from the Tennessee Regulatory Authority and Piedmont's shareholders.
Early termination of the waiting period has already been granted by the US Federal Trade Commission under the federal Hart-Scott-Rodino Antitrust Improvements Act.
Duke Energy chairman, president and CEO Lynn Good said: "This combination provides clear benefits to our customers and the environment as we continue to expand our use of low-cost and clean natural gas and invest in pipelines.
"We have enjoyed an excellent relationship with Piedmont's team for years, and we are eager to welcome them to Duke Energy in the coming days."
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By GlobalDataAs part of the transaction, Duke Energy will assume approximately $1.8 billion in Piedmont’s existing net debt.
With the acquisition, Duke Energy will add Piedmont's one million natural gas customers in North Carolina, South Carolina and Tennessee to its existing customer base of 525,000 natural gas customers and 7.4 million electric customers.
The Tennessee service territory of Piedmont represents a new addition to the company’s footprint and includes the Metropolitan Nashville area, as well as seven middle-Tennessee counties.
Following the deal, Piedmont will retain its name and operate as Duke Energy’s business unit.
The acquisition will give retail and wholesale customers in North Carolina and South Carolina a proportional share of the anticipated $35 million in fuel-related savings.
