CHARLOTTE, NC and VANCOUVER, BC, Canada — Duke Energy has announced the expansion of its position in the North American natural gas market with the acquisition of Westcoast Energy in an $8.5 billion cash and stock transaction.
The transaction calls for 50% of the consideration to be paid in cash and 50% in stock. Duke Energy believes that the acquisition will be completed during the first quarter of 2002.
“This acquisition greatly enhances the balance and diversity of our portfolio of energy assets, and provides us with additional growth opportunities to serve North America’s expanding energy needs,” stated Richard B. Priory, president, chairman, and chief executive officer of Duke Energy.
“The combination of Westcoast Energy’s strategically placed assets in growing supply regions with our merchant skills and desire to be a leader in the development of new transportation infrastructure will strengthen our ability to connect energy supply and energy markets in Canada and the United States.