Duke-Piedmont acquisition clears antitrust review

Duke Energy’s acquisition of Piedmont Natural Gas has cleared an antitrust hurdle, the companies said Tuesday.

The Federal Trade Commission has granted early termination of a 30-days waiting period under antitrust law. The deal could not close before that period is over or the government agrees to end it.

The $4.9 billion deal, in which Duke will assume $1.8 billion in debt, still needs approval by Piedmont shareholders and the North Carolina Utilities Commission. Shareholders will meet Jan. 22.

The acquisition is expected to close by the end of 2016, but changes among the companies’ top management have already been announced.

Piedmont CEO Tom Skains will retire with nearly $14.4 million in severance when the transaction closes. Piedmont’s chief commercial officer, Frank Yoho, will lead Duke’s natural gas unit.

This story was originally published December 22, 2015 at 11:18 AM with the headline "Duke-Piedmont acquisition clears antitrust review."