The move to acquire East Ohio Gas, Questar Gas, and Public Service Co of North Carolina would double Enbridge (NYSE: ENB )'s gas distribution business and make it the largest gas utility by volume in North America, with the unit accounting for a bit less than a fourth of the company's overall business mix. The deal announced on Tuesday is seen as a bet on the future of natural gas in a regulated market even as energy companies and consumers transition to a greener future by phasing out fossil fuels. Analysts, however, were surprised at the timing, the scale and impact such a deal would have on the company's already leveraged balance sheet. "This is more high cost issuance, to me it's like somebody in a hole trying to get out of it by digging deeper," said Ryan Bushell, president of Newhaven Asset Management, which holds shares in Enbridge. "I don't see how you can keep piling more issuance - debt and equity - on this company at these rates.