$720 million sale of EQT assets to People's Natural Gas approved

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The $720 million deal that will end EQT Corp.'s legacy as a utility company and transfer its gas distribution business to Peoples Natural Gas is a go.

The Federal Energy Regulatory Commission approved the transfer of assets in three actions this week, completing the companies' approval process. The Pennsylvania Public Utility Commission and West Virginia regulators gave their consent earlier this year.

The deal is expected to close by the end of the year.

EQT will use the proceeds from the deal to grow its oil and gas exploration and production business, the company has said.

Anya Litvak: alitvak@post-gazette.com or 412-263-1455

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