Dominion Resources has closed on the $780 million sale of Pittsburgh-based Dominion Peoples, its Pennsylvania natural gas distribution company, to PNG Companies LLC, an affiliate of SteelRiver Infrastructure Fund North America. Dominion Resources turned to SteelRiver Infrastructure after its plans to sell Peoples to Pittsburgh-based Equitable Resources fell through in mid-2008 (see Daily GPI, July 3, 2008). Dominion plans to use approximately $542 million in after-tax proceeds to reduce debt. Dominion Peoples provides gas service to about 359,000 residences and business in 32 counties in Pennsylvania.

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