FTC Approves Duke Energy's Proposed Acquisition Of Piedmont Natural Gas

(RTTNews) - The Federal Trade Commission or FTC has granted antitrust approval for power producer Duke Energy Corp.'s (DUK) proposed $4.9 billion acquisition of natural gas distributor Piedmont Natural Gas Inc. (PNY), clearing a key condition needed for completion of the deal, the two companies said.

The FTC granted early termination of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act with regard to the acquisition.

However, the transaction still requires approval by Piedmont shareholders and the North Carolina Utilities Commission. The two companies are targeting a closing of the transaction by the end of 2016.

In late October, Duke Energy agreed to acquire Piedmont Natural Gas for about $4.9 billion in cash.