27 Feb '15, 3pm

Iberdrola Agrees to Buy UIL for $3 Billion to Expand US Renewable Business

Power companies are hunting for acquisitions as they seek to cut costs and expand regulated businesses after $200 billion of deals were proposed or completed last year, the highest since 2007, according to data compiled by Bloomberg. Iberdrola will combine its American assets with UIL to create a U.S.-traded stock and gain access to the country’s shale-gas business. UIL’s gas operations “allows us to become part of the nice cake which is the shale gas development in the U.S., so that’s attractive,” Iberdrola Chief Financial Officer Jose Sainz said on a conference call after the deal was announced. “I think we are going to cut a piece of that cake.” Iberdrola rose 1 percent to 6.11 euros at the close in Madrid. UIL jumped 23 percent to $52.07 in New York. The new company, with customers across New York, Connecticut, Maine and Massachusetts, plans to invest $6.9 billion in r...

Full article: http://www.renewableenergyworld.com/rea/news/article/2015...

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