EQT Corp. To Net $720M In Sale Of Utility Arm To Peoples

Law360, Philadelphia (December 20, 2012, 6:51 PM EST) -- EQT Corp. announced Thursday it was selling its subsidiary natural gas utility, Equitable Gas Co. LLC, to rival Peoples Natural Gas for $720 million in cash plus approximately 200 miles worth of transmission pipelines used to transport gas extracted from Pennsylvania’s Marcellus Shale.

Pending approvals from state and federal regulations, the deal would see the combination of two of the Pittsburgh area’s three largest gas utilities while allowing EQT to refocus on its gas production and midstream businesses.

"Today’s announcement allows us to focus on and...
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