In its largest deal in four years, conglomerate giant Berkshire Hathaway has scooped up the natural gas pipeline and storage assets from Dominion Energy in an all-cash deal valued at $10 billion. The announcement came concurrently with news that the utility giant would scrap its plans to build the 600-mile Atlantic Coast pipeline after years of costly regulatory and environmentalist battles. Two other proposed pipelines have been shelved this year in the eastern region.

Bershire Hathaway

Berkshire Hathaway is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States.

Dominion Energy

Dominion Energy, Inc. is an American power and energy company headquartered in Richmond, Virginia that supplies electricity in parts of Virginia, North Carolina, and South Carolina and supplies natural gas to parts of Utah, West Virginia, Ohio, Pennsylvania, North Carolina, South Carolina, and Georgia. Dominion also has generation facilities in Indiana, Illinois, Connecticut, and Rhode Island.

Dominion, the nation’s second-largest utility, serves 7 million natural gas and electrical power customers in 20 states from its headquarters in Richmond, Va. The company has set a net-zero emissions target by 2050, along with a five-year, $26 billion growth capital plan through ongoing investments in new technology, solar, wind, and renewable natural gas.

The sale to Berkshire Hathaway includes more than 7,700 miles of gas pipelines, 900 BCF of gas storage, a 25% interest in the bi-directional Cove Point LNG export terminal, and $5.7 billion in assumed debt. The conglomerate owns 10 other energy and energy-related companies as part of its Berkshire Hathaway Energy segment. Close of the Dominion deal is expected in 4Q this year.

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