Hope Gas, Inc. entered into a definitive agreement to acquire Peoples Gas WV from Essential Utilities, Inc. (NYSE:WTRG) for $37 million on December 31, 2022. Under the agreement, Essential Utilities will sell its membership interests in its West Virginia assets for $37 million cash at closing. The purchase price is subject to certain adjustments at closing.

The sale is subject to customary closing conditions, including approval from the Public Service Commission of West Virginia and is expected to close in mid-2023. As of August 8, 2023, closing of the sale is expected later in 2023. Moelis & Company (NYSE:MC) acted as financial advisor to Essential Utilities.

Alexander D. Fine and George Stamas of Gibson, Dunn & Crutcher LLP acted as legal advisor to Essential Utilities.