RICHMOND, Va. -- Richmond-based Dominion Energy says it's selling its gas utility in West Virginia for $690 million.
Dominion Energy West Virginia - also known as Hope Gas, Inc. - serves about 111,000 customers in West Virginia and employs about 300 people. It's based in Clarksburg, West Virginia.
In a news release Friday, Dominion said it's selling the utility to Ullico Inc.'s infrastructure fund.
Ullico plans to integrate Hope Gas into its Hearthstone Utilities holding company, which provides natural gas to about 80,000 customers in Indiana, Maine, Montana, North Carolina, and Ohio.
As part of the deal, Hearthstone will move its headquarters to West Virginia. It is currently headquartered in Naperville, Illinois, according to its website.
Dominion said Hearthstone will honor the collective bargaining agreement in in place for affected workers.
The companies hope to close the sale late this year.
Ullico's core business provides financial services and insurance to meet the needs of union employers and employees. In 2010, it launched an investment fund to assist in the construction, maintenance, and refurbishment of America’s infrastructure.
Dominion Energy serves about 7 million customers in 13 states.
