27 Feb '15, 3pm

Iberdrola USA and UIL Holdings to merge

The boards of directors of Iberdrola S.A. and Iberdrola USA have approved a combination of Iberdrola USA with UIL Holdings. This transaction, recommended by UIL’s board of directors, which will be effected via merger, will allow UIL shareholders to receive 18.5% of the share capital of the combined company plus $597 million in cash, representing a premium of 19.5% over the average UIL share price during the 30 days prior to February 25. Iberdrola USA , a wholly owned subsidiary of Iberdrola S.A., has utility operations in the states of New York and Maine, and is the second largest wind energy producer with a presence in 23 States. In 2014 Iberdrola USA had approximately 1.8 million electricity and 0.6 million gas points of supply. The company distributed a total of 33,335 GWh of electricity and supplied 40,870 GWh of gas and has an installed capacity of 6.5 GW. UIL Holding...

Full article: http://www.renewableenergyfocus.com/view/41521/iberdrola-...

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