By Adriano Marchese

Enbridge shares were sharply lower Wednesday morning after the company said it agreed to purchase utilities in the U.S. from Dominion Energy for $14 billion.

At 10:16 a.m. ET, shares were trading 4.9% lower at 45.78 Canadian dollars ($33.56).

Late Tuesday, the Canadian natural gas utility company said the acquisition will facilitate the creation of the largest natural gas utility franchise in North America. The deal will see Enbridge acquire the East Ohio Gas Company, Public Service Company of North Carolina, and Questar Gas and its related Wexpro companies.

Enbridge also carried out a C$4 billion dollar ($2.93 billion) bought-deal offering of common shares Tuesday, which it said is expected to "fully address the company's planned discrete common equity issuance needs to finance this transaction."

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

September 06, 2023 10:36 ET (14:36 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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