Southwest Gas Holdings, Inc. (SWX) has completed the acquisition of Dominion Energy Quester Pipeline, LLC, and its subsidiaries and certain affiliates (collectively "Questar Pipeline Entities"). Southwest Gas Holdings, Inc. has also created a new subsidiary named MountainWest Pipelines Holding Company (MountainWest) that owns the Questar Pipeline Entities. The Questar Pipeline Entities will be rebranded under the MountainWest brand during the first half of 2022.
MountainWest provides 2,160 miles of highly contracted, FERC-regulated interstate natural gas pipelines in the Rocky Mountain region. Colleen Larkin Bell will lead the MountainWest entities as President who will report to Karen Haller, Executive Vice President, Southwest Gas Holdings. The acquisition is expected to be accretive to Southwest Gas Holdings' earnings per share in 2022.
"We are very enthusiastic about the addition of MountainWest to the Southwest Gas Holdings family of assets," says John Hester, president and CEO of Southwest Gas Holdings. "Natural gas pipelines are essential to the nation's energy future, which includes alternative sources such as renewable natural gas and hydrogen blended gas, and MountainWest brings increased scale and diversification to our business portfolio. MountainWest will focus on adding value by accelerating growth opportunities and positioning the Company as a leader in the evolving energy landscape. We look forward to sharing additional information about growth opportunities related to this acquisition in the near future."
"The MountainWest entities and their employees brings extensive knowledge and resources that will mesh perfectly with Southwest Gas Holdings' strategy, values and culture," says Karen Haller, executive vice president of Southwest Gas Holdings. "The new President of the MountainWest entities, Colleen Larkin Bell, has more than 30 years of experience in the natural gas industry, including expansive executive experience within the Questar companies. Her leadership will drive us forward in growth and innovation as we explore new energy technologies to continue reducing our environmental impact throughout our service areas."
"I'm excited to join the Southwest Gas Holdings family and look forward to leading MountainWest and its employees into this new chapter of our organization's history," says Colleen Larkin Bell, president of the MountainWest entities. "Our team is looking to leverage synergies that will further our shared commitments to sustainability, reliability and operational excellence."
Lazard Frères & Co. LLC served as the exclusive financial advisor to Southwest Gas Holdings, while Morrison & Foerster LLP served as legal advisor to the Company.