Southwest Gas Holdings Announces Expiration of Hart-Scott-Rodino Waiting Period For Questar Pipelines Acquisition
Southwest Gas Holdings has announced the expiration of the Hart-Scott-Rodino Antitrust Improvements Act waiting period, which allows the company to proceed with its acquisition of Dominion Energy Questar Pipeline and its affiliates. This acquisition is expected to close on or before December 31, 2021, pending other customary closing conditions. The transaction will enhance Southwest Gas's capabilities in natural gas distribution and infrastructure services across North America, and is anticipated to provide significant operational synergies.
- Expiration of HSR Act allows the acquisition to proceed.
- Expected closing of the transaction by December 31, 2021.
- Acquisition enhances gas distribution capabilities and market presence.
- Integration risks associated with acquiring Questar Pipelines.
- Potential negative impacts on credit ratings due to the transaction costs.
LAS VEGAS, Nov. 17, 2021 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) announced today that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR Act"), as amended, expired at 11:59 p.m. EST on November 15, 2021 in connection with the Company's pending acquisition of Dominion Energy Questar Pipeline, LLC, its subsidiaries and certain associated affiliates, including Overthrust Pipeline, White River Hub and Questar Field Services ("Questar Pipelines") from Dominion Energy, Inc. (NYSE: D).
The expiration of the HSR Act waiting period satisfies one of the conditions to the closing of the pending acquisition. The transaction is expected to close on or before December 31, 2021, subject to the satisfaction of other customary closing conditions.
For additional details on the acquisition, please see the press release provided on our Investor Relations web page.
About Southwest Gas Holdings, Inc.
Southwest Gas Holdings, Inc., through its subsidiaries, engages in the business of purchasing, distributing and transporting natural gas, and providing comprehensive utility infrastructure services across North America. Southwest Gas Corporation, a wholly owned subsidiary, safely and reliably delivers natural gas to over two million customers in Arizona, California and Nevada. Centuri Group, Inc., a wholly owned subsidiary, is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers.
About Dominion Energy Questar Pipeline, LLC
Dominion Energy Questar Pipeline, LLC is an interstate natural gas pipeline company that provides transportation and underground storage services in Utah, Wyoming and Colorado. Dominion Energy Questar Pipeline, LLC owns and operates the Clay Basin storage facility located on the Wyoming-Utah border. Clay Basin is the largest underground storage reservoir in the Rocky Mountain Region. Through wholly-owned subsidiaries, Dominion Energy Questar Pipeline, LLC owns and operates the Dominion Energy Overthrust Pipeline, LLC in southwestern Wyoming. Dominion Energy Questar Pipeline also operates and owns
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations, estimates and projections about, among others, the industry, markets in which Southwest Gas Holdings, Inc. (the "Company," "Southwest Gas Holdings," "SWX," or "we") operates, and the transaction described in this press release. While the Company's management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond the control of the Company's management. These risks include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Sale and Purchase Agreement by and between Dominion Energy Questar Corporation and the Company (the "Purchase Agreement"); (2) the outcome of any legal proceedings that may be instituted against the Company and others following announcement of the Purchase Agreement; (3) risks that the proposed transaction disrupts current plans and operations; (4) the risks related to the ability of the Company to integrate Questar Pipelines; (5) the amount of the costs, fees, expenses and charges related to the transaction and the actual terms of certain financings that will be obtained for the transaction; (6) potential negative impacts to the Company's credit ratings as a result of the transaction; and (7) other risks that are set forth under "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, the Company's Quarterly Reports on Form 10-Q for the quarter ended September 30, 2021 and in future filings with the SEC. All forward-looking statements speak only as of the date of this press release. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are qualified by the cautionary statements in this section. The Company undertakes no obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
Contacts
For Shareholders information, contact: Ken Kenny (702) 876-7237 ken.kenny@swgas.com
For media information, contact: Sean Corbett (702) 876-7219 sean.corbett@swgas.com
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SOURCE Southwest Gas Holdings, Inc.
FAQ
What is the significance of the HSR Act expiration for SWX and D?
When is the expected closing date for the acquisition of Questar Pipelines?
What benefits does Southwest Gas expect from acquiring Questar Pipelines?
What are the risks associated with the Questar acquisition for Southwest Gas?
