The largest natural gas distribution company in Pennsylvania—with an office on Main Street in Butler—has been sold to a Bryn Mawr based water company.
Peoples Gas and all of its entities have been sold to Aqua America both companies announced this morning. The deal was worth $4.275 billion according to a press release.
Officials say the move is intended to, “create a larger, more diversified, fully regulated water and natural gas utility with stable capital structure and long-term growth opportunities.”
The release also said that Peoples, the natural gas operating subsidiary, and its employees will remain headquartered in Pittsburgh and other operating locations will remain unchanged.