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Spanish, Connecticut Utilities Close On $3 Billion Deal

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(AP Photo/Steven Senne)
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Spain’s largest utility company, Iberdrola, has closed on a $3 billion deal to purchase the Connecticut-based utility UIL Holdings.

UIL is the parent company of United Illuminating, Connecticut Natural Gas, and Southern Connecticut Gas.

The companies will now operate under the name AVANGRID.

Connecticut regulators approved the deal last week.

State Attorney General George Jepsen said last month that the deal includes a number of protections for the more than 700,000 electric and gas customers that will be affected. The protections include guarantees that local management control will be maintained.

Jepsen says the deal also includes a plan to clean up the site of a former UI plant that has sat abandoned in New Haven for 25 years.

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