Hearthstone Utilities Inc. entered into an agreement to acquire Hope Gas, Inc. from Dominion Energy, Inc. (NYSE:D) for $690 million on February 11, 2022. Under the terms of agreement, Hearthstone is paying the consideration in cash. As part of the definitive agreement, Hearthstone will move its headquarters to West Virginia. The sale is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Act and approval from the West Virginia Public Service Commission. The transaction is expected to close late in 2022. J.P. Morgan acted as exclusive financial advisor to Dominion Energy. Mizuho Securities USA LLC acted as financial advisor to Hearthstone Utilities and Ullico's infrastructure fund. John Franchini, Aaron Stine, John Garces, Dan Michalchuk, Max Goodman, Joel Krasnow, Jane Hanson and Matt Ahrens of Milbank LLP acted as legal advisor to Hearthstone Utilities and Ullico's infrastructure fund.

Hearthstone Utilities Inc. completed the acquisition of Hope Gas, Inc. from Dominion Energy, Inc. (NYSE:D) in August, 2022. The transaction received all customary regulatory approvals including clearance under the Hart-Scott-Rodino Act and approval from the West Virginia Commission.