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June 9, 2015

UIL gets federal approval for Iberdrola takeover

BRAD KANE James Torgerson, Chief Executive Officer, UIL Holdings Corp.

The Federal Energy Regulatory Commission has approved the $3 billion takeover of New Haven utility parent UIL Holdings by Spanish energy giant Iberdrola, according to a regulatory filing made by UIL.

Once the takeover is complete, the new publicly traded company called Iberdrola USA will be led by current UIL CEO James Torgerson. The combined company would have 3.1 million customers across seven geographic markets served by Iberdrola's utility subsidiaries in New York and Maine, and UIL's holdings in southern Connecticut and western Massachusetts, including United Illuminating, Connecticut Natural Gas, and Southern Connecticut Gas.

The two sides are still waiting on federal approvals from the U.S. Securities & Exchange Commission, the Federal Communications Commission, and the Committee on Foreign Investments in the U.S.

As for state approvals, the sides are expected to get a final decision from the Connecticut Public Utilities Regulatory Authority on July 17 and from the Massachusetts Department of Public Utilities in autumn.

The two sides still expect the deal to be complete by the end of the year.

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