RICHMOND, VA (WWBT) - Dominion Resources is buying Utah-based Questar for approximately $4.4 billion, Dominion announced Monday.
The combined business would serve nearly 5 million electric and gas customer accounts in seven states.
"Like Dominion, Questar has a history of safe and reliable operations, integrity and a firm commitment to its employees and the communities it serves," said Thomas F. Farrell II, chairman, president and chief executive officer of Dominion.
The Dominion-Questar combination is expected to support Dominion's 2017 earnings growth rate and allow the company to reach the top of or exceed its 2018 growth targets, Dominion officials said in a news release Monday.
"Questar is excited to be joining the Dominion family of companies and serve as the hub of its Western operations," said Ron Jibson, chairman, president and chief executive officer of Questar. "We're proud to become part of America's most-admired gas and electric utility."
Questar has about $4.2 billion in assets and will keep its headquarters in Salt Lake City.
Dominion says the transaction is expected to close by the end of 2016.
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