UIL Holdings announced Thursday afternoon that it will no longer fight to buy Philadelphia Gas Works from the city for $1.86 billion.
"With no action by the Philadelphia City Council to introduce an ordinance so far and none in the foreseeable future, UIL has decided to terminate the agreement," the company said in a statement.
In March, the Connecticut-based, investor-owned company entered into an agreement to purchase the municipally owned PGW. Mayor Michael Nutter initiated the sale to help source the city's ailing pension fund. It needed City Council's approval.
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