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McGuireWoods assists Dominion in sale of two natural gas utilities for $910 million

July 10, 2008

McGuireWoods represented Dominion in entering into an agreement to sell its Dominion Peoples and Dominion Hope natural gas distribution companies to Babcock & Brown Infrastructure Fund North America (BBIFNA), a San Francisco-based infrastructure fund that owns and manages utilities and other infrastructure assets, for $910 million, subject to changes in working capital and levels of capital expenditures. The transaction is expected to close in 2009. It is subject to regulatory approvals in Pennsylvania and West Virginia, as well as clearance under the federal Hart-Scott-Rodino Act and the Exon-Florio provision of the Omnibus Trade and Competitiveness Act.