The parent company of Connecticut electric utility United Illuminating completed its $1.3 billion acquisition of two Connecticut and one Massachusetts natural gas utilities on Tuesday, finishing a process that started in May.
The UIL Holdings Corp. wanted to diversify its utility offerings and purchased the Southern Connecticut Gas Co., the Connecticut Natural Gas Corp. and the Berkshire Gas Co. from Spanish energy giant Iberdrola SA. The deal included $917.9 million in cash and $331.1 million in debt.
The acquisitions gives UIL a total of 690,000 utility customers in 66 communities across two states with combined 2009 annual revenues of $1.63 billion. The company now employs 1,858.
"We are very pleased to have completed this transaction, which will make UIL Holdings a stronger and more diversified energy company," UIL President and CEO James Torgerson said in a statement.
The Connecticut Department of Public Utility Control gave its approval on Nov. 10, and Massachusetts Department of Public Utilities determined its approval was not required.