Energy services company, Piedmont Natural Gas Co. Inc. (PNY) announced Monday, that it completed the sale of one-half of its 30% ownership interest in SouthStar Energy Services to AGL Resources with effect from January 1, 2010. As announced in July 2009, Piedmont would receive $57.5 million for one-half of its ownership interest in SouthStar.
Piedmont Natural Gas is primarily engaged in the distribution of natural gas to more than one million wholesale customers such as residential, commercial and industrial utility customers in North Carolina, South Carolina and Tennessee.
Piedmont sold one-half of its ownership interest to AGL Resources for $57.5 million and retains a 15% ownership and earnings interest in SouthStar, which is no longer subject to any purchase option in favor of AGL Resources.
PNY is traded at $27.05 up 40.29 or 1.08% on the NYSE.
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