Shares of PG&E Corporation PCG rose as much as 3.11% on Monday after the California utility company disclosed plans to sell its San Francisco headquarters to Hines Atlas US LP for $800 million and return up to $420 million back to its customers.
What Happened: The sale is part of the gas and power company's planned move to Oakland in 2022 and consolidate two additional Bay Area offices into its new headquarters.
The deal will need the approval of the California Public Utilities Commission and is not anticipated to have an impact on the company’s 2021 equity needs, PG&E said in a statement.
The company had in February announced a $973 million sale of transmission tower wireless licenses, another strategic sale of its non-core assets.
According to PG&E's most recent balance sheet, as reported on April 29, the company’s total debt is at $41.06 billion, with $37.80 billion in long-term debt and $3.26 billion in current debt.
Price Action: PG&E shares closed 2.8% higher at $10.58 on Monday.
Photo by Steve Rhodes on Flickr
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