Dominion Resources, Inc. (NYSE:D) signed an agreement to acquire Carolina Gas Transmission Corporation from SCANA Corp. (NYSE:SCG) for approximately $490 million on December 16, 2014. In a separate transaction, Spirit Communications signed an agreement to acquire SCANA Communications, Inc. from SCANA Corp. (NYSE:SCG) for approximately $160 million on December 16, 2014. The transaction would include no assumption of debt. Subject to board approvals by Dominion and Dominion Midstream Partners, LP (NYSE: DM), Dominion expects to contribute Carolina Gas Transmission into Dominion Midstream for a combination of debt and units by mid-year 2015.

Pursuant to the acquisition deal, Dominion is offering continued employment for Carolina Gas Transmission's approximately 120-person workforce. The transaction is subject to Hart-Scott-Rodino antitrust clearance and customary closing conditions. The transaction is expected to close in January 2015. Upon closing, the transaction would be immediately accretive to Dominion Midstream's distributed cash flow per unit and supportive of Dominion Midstream's intention to grow distributions to unit-holders at a best-in-class rate. As of December 31, 2014, the transaction received approval from the Federal Trade Commission. Ali Akbar, Paul McNutt, Drew Horn, Rohit Verma and Seth Warshaw of RBC Capital Markets LLC acted as financial advisors to SCANA Corp. Brian Sorkin of McGuire Woods LLP acted as legal advisor to Dominion Resources.

Dominion Resources, Inc. (NYSE:D) completed the acquisition of Carolina Gas Transmission Corporation from SCANA Corp. (NYSE:SCG) on January 31, 2015.