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Dominion Energy, Dominion Energy Midstream announce definitive merger agreement

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Tanks and Terminals,

Dominion Energy Inc. (DE) and Dominion Energy Midstream Partners LP (DEM) have announced that they have entered into a definitive agreement under which DE will acquire all outstanding public common units of DEM in exchange for 0.2492 DE common shares per unit representing an increase from the original offer of nearly 1%.

The transaction is expected to be approximately neutral to DE’s earnings guidance and credit profile. Closing of the transaction is expected to occur in 1Q19 and will be subject to customary closing conditions.

The 4Q18 DEM common unit distribution is expected to be paid in early 2019, prior to or in conjunction with the transaction closing. The distribution is expected to be equal to the 3Q18 distribution, declared on 19 Oct 2018, of US$0.369 per unit. All distribution decisions are subject to approval of the Board of Directors of Dominion Energy Midstream GP LLC, the general partner of DEM.

Moelis & Company LLC and Richards Layton & Finger P.A. acted as financial and legal advisers, respectively, to the DEM Conflicts Committee.

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