Dominion Energy To Sell West Virginia Natural Gas Utility 'DEWV' To Ullico For $690M

Dominion Energy Inc D has agreed to sell its West Virginia natural gas utility, Hope Gas, Inc. (Dominion Energy West Virginia or DEWV), to Ullico Inc.'s infrastructure fund, for $690 million.
Ullico's infrastructure business plans to integrate DEWV with its portfolio company, Hearthstone Utilities Inc. As part of the agreement, Hearthstone agreed to move its headquarters to West Virginia.
DEWV employs about 300 and serves 111,000 West Virginia customers, with 3,200 miles of gas distribution pipelines and more than 2,000 miles of gathering pipelines.
Dominion Energy continues to own and operate Mt. Storm Power Station in Mt. Storm, West Virginia.
Dominion Energy noted the transaction is structured to have no impact on rates for customers. It expects the transaction to close late this year.
Additionally, Hearthstone Utilities will assume the current collective bargaining agreement in place for UGWU Local 69 workers and honor those terms.
Price Action: D shares are trading higher by 0.79% at $78.87 on the last check Friday.