UIL Holdings, the Connecticut company that was trying to buy Philadelphia Gas Works last year, just got bought by a Spanish utility
Iberdrola SA is acquiring UIL for about $3 billion, Reuters reported Thursday, to create a new power and gas company and expand in the United States. The deal is expected to close by the end of the year.
UIL is apparently saying the deal with Iberdrola didn't materialize until after the PGW sale fell through in December. UIL was trying to buy PGW, the city's municipally owned gas utility, for $1.86 billion.
Read the rest of the story here.
For more business news, check out PBJ.com.
Copyright bizjournal
