$4.9 Billion Utilities Acquisition

October 26, 2015

Cleary Gottlieb is representing Goldman Sachs, as financial advisor to Piedmont Natural Gas Company in its acquisition by Duke Energy for approximately $4.9 billion in cash. Shareholders of Piedmont Natural Gas will receive $60 in cash for each share of Piedmont Natural Gas common stock. Duke Energy will also assume Piedmont Natural Gas’s existing net debt, representing a total enterprise value of $6.7 billion. The deal was announced on October 26, 2015 and the companies are targeting a closing by the end of 2016.

Piedmont Natural Gas Company, Inc. (NYSE: PNY) is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power-generation utility customers in portions of North Carolina, South Carolina and Tennessee. Its subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses.

Duke Energy Corporation (NYSE: DUK) is the largest electric power holding company in the United States. Its regulated utility operations serve approximately 7.3 million electric customers located in six states in the Southeast and Midwest. Its commercial and energy business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy in the United States.