Utilities M&A » By The Online Investor Staff, updated Fri., Apr. 19, 8:08 AM
Recent mergers and acquisitions in the Utilities M&A category.
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Slide #44. UIL Holdings Corporation — Philadelphia Gas Works Operations
Acquirer:
UIL Holdings Corporation (UIL)
Acquiree:
Philadelphia Gas Works Operations
Details:
UIL Holdings Corporation (NYSE:UIL), a Connecticut-based investor-owned gas and electric utility holding company, today announced that it has reached a definitive agreement to acquire assets and certain liabilities of Philadelphia Gas Works ("PGW Operations"), the nation's largest municipally-owned natural gas utility, from the City of Philadelphia for $1.86 billion in cash (the "Transaction"). The PGW Operations will be acquired on a cash-free and debt-free basis. The Transaction has been unanimously approved by UIL's Board of Directors.
UIL Holding is a holding company, engaged in operating its regulated utility business. Co.'s utility businesses consist of the electric distribution and transmission operations of The United Illuminating Company, which service area, primarily urban and suburban, includes the principal cities of Bridgeport and New Haven, as well as their surrounding areas; and the natural gas transportation, distribution and sales operations of The Southern Connecticut Gas Company, Connecticut Natural Gas Corporation, and The Berkshire Gas Company, which operations of service area mainly in Connecticut and western Massachusetts.
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