SALT LAKE CITY — Dominion Resources Inc. and Questar Corp. announced Friday the companies have completed their proposed merger, forming one of the nation’s largest combined electric and natural gas energy companies.
The combined company will serve about 2.5 million electric customers and 2.3 million natural gas customers in seven states. Questar currently serves almost 1 million homes and businesses in Utah, Wyoming and Idaho, while Dominion provides electric and natural gas service throughout the mid-Atlantic region.
In February, Dominion agreed to pay Questar shareholders approximately $4.4 billion — $25 per share — and assume the company’s outstanding debt. Other terms of the agreement include maintaining Questar's corporate headquarters in Salt Lake City and establishing Dominion’s Western region headquarters in Utah’s capital as well.
Upon finalization of the transaction, the new utility will be named Dominion Questar Gas.
“We are pleased to complete our strategic combination with Questar, and to continue serving our Questar customers in the West with the same commitment and dedication to safety and excellence to which they — and our customers along the Eastern Seaboard and Midwest — are accustomed," said Thomas Farrell II, chairman, president and chief executive officer of Dominion.
"After working through a very smooth merger, I’m more confident than ever that this opportunity to combine with one of the nation’s best energy companies will benefit Questar customers, employees, shareholders and the communities we serve,” said Questar Chairman, President and CEO Ron Jibson.
Under the terms of the completed merger, Jibson will retire from Questar and take a position on Dominion’s board of directors.
Craig Wagstaff has been named president of Dominion Questar and will lead the company’s Western natural gas operations and be responsible for all current Questar operating companies, a news released stated. Wagstaff had previously served as executive vice president and chief operating officer of Questar Gas.
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