The sale of the company was finalized Wednesday, a news release from Peoples states. The cost of the sale was about $270 million.
Delta Gas is headquartered in Winchester, and serves about 39,000 customers in 23 counties in eastern and central Kentucky. The customers will join about 3,000 customers in 10 eastern Kentucky counties that Peoples already serves. Delta’s current price rates will remain in effect and customers will see no immediate change in their bill, according to the news release.
Peoples is the largest natural gas distribution company in Pennsylvania. It serves 739,000 homes and businesses in western Pennsylvania, West Virginia and Kentucky.
Peoples and Delta announced the merger earlier this year. The merger was at the center of a federal lawsuit filed in April, which a shareholder, Paul Parshall, claimed that the Delta board of directors violated the Securities and Exchange Act of 1934, rendered a proxy statement that was “false and misleading” and precluded other bidders from making competing offers. The suit was dismissed in June.
Two similar lawsuits were filed in Clark Circuit Court and were still considered ongoing, according to court records.