National Fuel to Buy CenterPoint’s Ohio Gas Utility (1)

National Fuel Gas Company of Western New Yorkagreed to buy CenterPoint Energy Inc.’sOhio natural gas utility to for $2.6 billion.

The deal will significantly expand Nation Fuel’s utility business beyond its core footprint in New York and Pennsylvania. according to a statement Tuesday. Houston-based CenterPoint will use the proceeds to invest in its electric and gas utilities in Texas, Indiana and Minnesota,

The deal is the latest example of US utilities selling off non-core assets to refocus their operations. Center Point Chief Executive Officer Jason Wells is planning to invest $65 billion over the next 10 years building ...