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Following energy issues in the state of Connecticut and beyond.

Tuesday, May 25, 2010

UIL Holdings in Blockbuster Energy Deal


The corporate parent of The United Illuminating Co. announced this morning that it is acquiring Connecticut's two largest natural gas utilities and a sister company from Massachusetts in a deal that amounts to $885 million.

UIL Holdings is actually paying the US affiliate of Spanish Energy giant Iberdrola almost $1.30 billion for Southern Connecticut Gas, Connecticut Natural Gas and Berkshire Gas. But as part of the terms of the deal, the final sale price will be $885 million because of $411 million in debt associated with the three Iberdrola companies.

The deal is expected to close in the first quarter of 2011. More details to come throughout the day.

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