Dominion Resources Finds Buyer

Dominion Resources has found another buyer for its West Virginia and Pennsylvania natural gas distribution companies. Richmond-based Dominion says private investor Babcock & Brown Infrastructure Fund North America has agreed to buy Dominion Peoples and Dominion Hope for $910 million. The deal announced Wednesday is expected to close in 2009. There's no word yet on what the sale means for the gas and storage salt manufacturing facility planned for Tioga County. The project is expected to create 300 new jobs by next year.

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