Natural gas and electricity provider Dominion Resources, Inc. (D) Monday, said that it has closed the sale of its Pennsylvania natural gas distribution company, Dominion Peoples to PNG Companies LLC, an affiliate of SteelRiver Infrastructure Fund North America for about $780 million.
Richmond, Virginia-based Dominion noted that the purchase price is adjusted for changes in working capital and levels of capital expenditures and affiliate borrowings, under an agreement announced on July 2, 2008.
Dominion plans to use after-tax proceeds of about $542 million from the transaction to reduce debt.
The company received the approval for the sale from the Pennsylvania Public Utility Commission on November 19. Dominion Peoples, headquartered in Pittsburgh is known for natural gas service, and serves about 359,000 residences and businesses .
Dominion on the other hand was denied approval for the sale of its another natural gas utility Dominion Hope to PH Gas by Virginia Public Service Commission on December 22. Dominion Hope will now rejoin Dominion East Ohio to make up Dominion's natural gas distribution business within Dominion Energy.
Dominion Resources serves retail energy customers in 12 states with a portfolio of more than 27,500 megawatts of generation, 1.1 trillion cubic feet equivalent of proved natural gas and oil reserves, 12,000 miles of natural gas transmission, gathering and storage pipeline, and 6,000 miles of electric transmission lines. The company also operates natural gas storage systems with 941 billion cubic feet of storage capacity.
McGuireWoods LLP and Hawke McKeown & Sniscak LLP provided legal services to Dominion in the transaction, while Goldman Sachs acted as financial advisor.
D is currently trading at $37.68, up $0.22 or 0.59% on a volume of $1.29 million on the NYSE.
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