Press Release

Kirkland & Ellis Advises Piedmont Natural Gas in Acquisition by Duke Energy

Kirkland & Ellis LLP represents Piedmont Natural Gas, which announced today that it reached a definitive agreement to be acquired by Duke Energy for approximately $4.9 billion in cash. Duke Energy will also assume approximately $1.8 billion in Piedmont Natural Gas existing net debt, representing a total enterprise value of approximately $6.7 billion. Upon transaction closing, Piedmont shareholders will receive $60 in cash for each share of Piedmont Natural Gas common stock. This represents an approximate 40 percent premium to Piedmont’s Oct. 23, 2015, closing stock price. Completion of the transaction is conditioned upon approval by the North Carolina Utilities Commission, expiration or termination of any applicable waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act of 1976, and Piedmont shareholder approval. The companies are targeting a closing by the end of 2016.

Kirkland & Ellis LLP served as legal counsel to Piedmont Natural Gas. The Kirkland team includes corporate partners George Stamas, Mark Director, Alexander Fine, Andrew Herman and Brendan Reed, corporate associate Justin Roland, executive compensation partner Scott Price and associate Ashley McCarthy, and antitrust and competition of counsel Tim Muris and partner Bilal Sayyed.

Sidley Austin LLP served as legal counsel to Duke Energy. Barclays served as the exclusive financial advisor to Duke Energy. Goldman Sachs & Co. served as the exclusive financial advisor to Piedmont Natural Gas.