Iberdrola to acquire UIL Holdings for $3 billion
Spain, Bilboa: Spanish utility Iberdrola will buy a Connecticut-based UIL Holdings Corporation for about $3 billion to create a new listed power and electric utility and expand in the United States.
Spain, Bilboa: Spanish utility Iberdrola will buy a Connecticut-based UIL Holdings Corporation for about $3 billion to create a new listed power and electric utility and expand in the United States.
“The transaction integrates Iberdrola USA and UIL, is consistent with group strategy and creates a significant company in the United States, a key market in which we are taking a major step forward,” said Iberdrola’s chairman Ignacio Galan, reports Reuters.
The new company will serve 3.1 million electric and gas customers across New York, Connecticut, Maine and Massachusetts and would invest $6.9 billion in electric and gas infrastructure over the next five years, the companies said.
Source: Reuters
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