New jobs expected after Dominion Peoples sold
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A San Francisco-based private investment group will complete a $780 million purchase of a Pennsylvania natural gas operation from Dominion Resources, capping a buying process that began in July 2008 and bringing about 75 jobs to the area.
PH Gas, a subsidiary of SteelRiver Infrastructure Partners, will buy Peoples Natural Gas.
The move is expected to bring about 75 new jobs to the region, said SteelRiver chief executive Chris Kinney.
During the next 18 months, SteelRiver will staff a Pittsburgh-area call center and also fill mid- and senior-level positions.
"These are good paying jobs with good benefits," he said.
Dominion Peoples is Pittsburgh's largest natural gas company.
Dominion's sister company, Hope Gas, Inc. in West Virginia, was supposed to be sold along with Peoples in a deal worth $910 million. The deal was shot down in late December by the West Virginia Public Service Commission.
The Pennsylvania Public Utilities Commission approved the deal in November, and the Federal Trade Commission signed off in October.
The transaction is expected to close next month.
First Published January 4, 2010 11:10 am