City seeks broker for sale of Philadelphia Gas Works

The city is seeking a broker to manage the sale of Philadelphia Gas Works, the latest step in Mayor Nutter's exploration of the privatization of the nation's largest municipal gas utility.

The city and PGW on Wednesday issued a formal request for proposals for a broker, who will identify potential buyers. The broker's fee is a percentage of the sale price, to be negotiated upon the broker's selection. The broker will be paid from sale proceeds only if a sale is consummated. The city expects the broker to begin work by Jan. 21.

Mayor Nutter in August selected a large team of professional firms, led by investment banker Lazard Ltd., to guide the city through the potential sale of PGW.    - Andrew Maykuth