Dominion Resources Inc. (D) said that it has closed on the sale of Dominion Peoples, its Pennsylvania natural gas distribution company, to PNG Companies LLC, an affiliate of SteelRiver Infrastructure Fund North America.
The purchase price is about $780 million, adjusted for changes in working capital and levels of capital expenditures and affiliate borrowings.
Dominion plans to use after-tax proceeds of about $542 million to reduce debt.
For comments and feedback: editorial@rttnews.com