RICHMOND, Va. (AP) — Richmond-based Dominion Vitality says it is promoting its gasoline utility in West Virginia for $690 million.
Dominion Vitality West Virginia — often known as Hope Gasoline, Inc. — serves about 111,000 prospects in West Virginia and employs about 300 individuals. It is based mostly in Clarksburg, West Virginia.
In a information launch Friday, Dominion mentioned it is promoting the utility to Ullico Inc.’s infrastructure fund.
Ullico plans to combine Hope Gasoline into its Hearthstone Utilities holding firm, which gives pure gasoline to about 80,000 prospects in Indiana, Maine, Montana, North Carolina, and Ohio.
As a part of the deal, Hearthstone will transfer its headquarters to West Virginia. It’s presently headquartered in Naperville, Illinois, in line with its web site.
Dominion mentioned Hearthstone will honor the collective bargaining settlement in in place for affected staff.
The businesses hope to shut the sale late this yr.
Ullico’s core enterprise gives monetary companies and insurance coverage to satisfy the wants of union employers and staff. In 2010, it launched an funding fund to help within the development, upkeep, and refurbishment of America’s infrastructure.
Dominion Vitality serves about 7 million prospects in 13 states.
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