Berkshire Hathaway Inc., the conglomerate headed by famed investor Warren Buffett, agreed on July 5 to acquire the natural gas transmission and storage assets of Dominion Energy Inc.

The all-cash transaction has an enterprise value of approximately $9.7 billion including the assumption of $5.7 billion of debt, according to a Dominion release.

The deal reflects a strategic repositioning by Dominion on its regulated utility operations, according to CEO Thomas F. Farrell II, and also follows the company’s decision to cancel the Atlantic Coast Pipeline, a natural gas pipeline initially proposed in 2014.

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