Essential Utilities Inc., formerly known as Aqua America Inc., has completed its acquisition of Peoples, a Pittsburgh-based natural gas company, for $4.275 billion.
The all-cash transaction includes the assumption of $1.1 billion in debt.
Aqua America changed its name to Essential on Feb. 3.
Morgan O’Brien, the head of Peoples Natural Gas Co., had previously said he would be leaving the company when Aqua America Inc. finalizes the deal to acquire it.
The system, known as NeuFuel, differs from compressed natural gas because it can be used at a lower pressure than CNG.
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