Reuters Enbridge will buy three utilities from Dominion Energy for 14 billion including debt, the Canadian pipeline operator said on Tuesday, creating North America39;s largest natural gas provider and doubling its gas distribution business.

The deal is seen as a bet on the future of natural gas in a regulated market even as energy companies and consumers are transitioning to a greener future by phasing out fossil fuels.

The deals for East Ohio Gas, Questar Gas, and Public Service Co of North Carolina will consist of 9.4 billion in cash and 4.6 billion of assumed debt.

U.S.listed shares of Enbridge fell 6.5 to 33.01 in extended trading after the company also announced a C4 billion 2.9 billion boughtshare sale to fund a portion of the deal.

The divestments are the latest by Dominion following a strategic refresh announced last year aimed at focusing on its regulated operations. In July, Dominion agreed to sell its 50 stake in Cove Point LNG to the energy arm of Berkshire Hathaway for 3.3 billion.

Enbridge President and CEO Greg Ebel described the assets the company is acquiring as musthave infrastructure for providing safe, reliable and affordable energy.

The deal is expected to close in 2024, subject to approvals from the Federal Trade Commission and Committee on Foreign Investment in the United States, among others.

Upon closing, Enbridge would supply over 9 billion cubic feet per day bcfpd of gas to about 7 million customers in Ohio, North Carolina, Utah, Idaho…