Spanish company buying US utility serving northeast for $3B

[ND-Dem]

MADRID (AP) — Spain's leading electricity and natural gas company, Iberdrola, will buy the northeastern U.S. utility UIL Holdings Corp. in a deal valued at about $3 billion, the companies said Thursday. The combined company will serve 3.1 million electric and natural gas customers in Connecticut, Maine, Massachusetts and New York.

Shares of Iberdrola USA will be listed in the United States and UIL shareholders will receive a share for each UIL share they own. Iberdrola USA's utilities will be Berkshire Gas, Central Maine Power, Connecticut Natural Gas, New York State Electric & Gas, Rochester Gas & Electric, Southern Connecticut Gas and United Illuminating...

http://www.morning-times.com/state_news/article_30ab6d08-42b4-505a-86f3-f6980436c945.html

[pscot]

1. Australians bought ours

We had a chance to turn it into a public utility a while back, but the voters basically ratified the sale instead. All the profit now flows offshore.

[ND-Dem]

2. people are stupid

[pscot]

3. True dat

[Dawson Leery]

4. Pity, UL is a good company

with reasonable rates and excellent customer service.