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EQT Corp Announces Sale Of Equitable Gas Company, LLC To Peoples Natural Gas

Thursday, 20 Dec 2012 08:00am EST 

EQT Corp announced that it has entered into a definitive agreement for the transfer of natural gas distribution business, Equitable Gas Company, LLC, to Peoples Natural Gas. As part of the transaction, EQT will receive cash proceeds of $720 million. As part of the transaction, EQT will receive approximately 200 miles of regulated transmission pipelines, as well as four storage pools that have a total of 15.1 Bcf working gas capacity. Peoples Gas has also agreed to enter long-term contracts for gas transmission, supply, and storage services with EQT. These agreements will secure supply of local, Marcellus gas of approximately 35 Bcf per year to Peoples. Lazard Freres & Co. LLC acted as a financial advisor to EQT on this transaction. Skadden, Arps, Slate, Meagher & Flom LLP; Baker Botts L.L.P.; and Bracewell & Giuliani LLP were counsel to EQT on the transaction. 

Company Quote

-1.69 -1.83%
12:54pm EST