Peoples Natural Gas To Buy Equitable Gas

Pittsburgh, Pa.-based Peoples Natural Gas, a natural gas distribution company, has agreed to acquire Equitable Gas Co., EQT Corp.'s distribution business in Pennsylvania, West Virginia and Kentucky. EQT will receive $720 million cash and some additional assets. The deal, which is subject to numerous regulatory approvals, is expected to close in the second half of 2013. Equitable Gas provides natural gas to about 275,000 residential, commercial and industrial customers in southwestern Pennsylvania, north central West Virginia and eastern Kentucky.