EQT to Sell Equitable Subsidiary to Peoples
EQT Corporation announced today that it will sell its distribution subsidiary Equitable Gas Company, LLC, to Peoples Natural Gas for $720 million, subject to adjustment. EQT CEO David Porges said in a company press release that the sale will allow EQT to focus on its production and midstream business segments. In the deal, EQT also will receive about 200 miles of transmission lines and four storage pools. Meanwhile, the transaction will make Peoples the largest gas utility and one of only two in the Pittsburgh area. View the Peoples press release on the transaction. The Tribune-Review has more on the sale.