Dominion To Transfer 25% Non-controlling Interest In Cove Point To Brookfield

(RTTNews) - Dominion Energy, Inc. (D) has agreed to transfer a 25 percent non-controlling equity interest in Cove Point to Brookfield in exchange for just over $2 billion, excluding working capital. The equity recapitalization is part of Dominion Energy's previously announced intention to establish a permanent capital structure for Cove Point. The deal represents an implied enterprise value of $8.22 billion, excluding working capital.

Dominion Energy Cove Point LNG, LP owns a LNG import, export and storage facility located on the western shore of the Chesapeake Bay in Lusby, Md. Upon transaction close, Dominion Energy will retain full operational control of the facility and its services.