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Stock Market & Financial Investment News

News Breaks
November 2, 2012
06:01 EDTDMDolan Co. reports Q3 EPS 14c, consensus 2c
Reports Q3 revenue $68.06M, consensus $68.96M
News For DM From The Last 14 Days
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August 19, 2015
07:22 EDTDMCitigroup to hold a conference
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August 17, 2015
08:36 EDTDMDominion Midstream to acquire interests in Iroquois Gas Transmission
Dominion Midstream (DM) announced that it has entered into agreements with affiliates of National Grid and New Jersey Resources Corporation to acquire their ownership interests in Iroquois Gas Transmission System, in exchange for the issuance of approximately 8.6M common units in Dominion Midstream having an agreed-upon value of approximately $286.5M. As part of the agreements, National Grid and New Jersey Resources would contribute their combined 25.93% ownership interests in Iroquois to Dominion Midstream in exchange for newly issued Dominion Midstream common units. Dominion Midstream has no plans to acquire the ownership interest in Iroquois currently held by Dominion Gas Holdings, LLC, a wholly owned subsidiary of Dominion Resources (D). Under these agreements, approximately 6.8M units (representing approximately $225.4M at the agreed-upon unit price) would be issued to National Grid, and approximately 1.8 million units would be issued to New Jersey Resources. National Grid and New Jersey Resources have agreed to certain transfer restrictions applicable to such units including, with certain exceptions, a general one-year lockup period, and would be granted certain registration rights and piggyback registration rights with respect to future Dominion Midstream equity offerings. No public market issuance of units is planned in connection with these transactions. The partnership expects that cash flows associated with Dominion Midstream's existing preferred equity interest in Cove Point, ownership of Dominion Carolina Gas Transmission (acquired in April 2015), and the Iroquois interests acquired from National Grid and New Jersey Resources will be sufficient to support annual cash distribution growth at Dominion Midstream at the targeted rate of 22 percent through 2016. The purchase price equates to a 9.8x multiple of estimated 2015 EBITDA. The closing of both transactions is subject to clearance under the Hart-Scott-Rodino Act.

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