Iberdrola of Spain acquires UIL of New Haven for $3 Billion

Iberdrola of Spain acquires UIL of New Haven for $3 Billion

Iberdrola of Spain acquires UIL of New Haven for $3 Billion

Huge Spanish utility company Iberdrola, agreed on Thursday to buy UIL Holdings Corporation of New Haven in cash and stocl deal for $ 3 Billion.

 UIL shreholders will receive for each own share and $ 10.50 in cash, its $ 52.75 per share. It is 25 percent premium to Wednesday closing price of UIL.

 The company expected to invest 6.9 Billion in gas and electric infrastructure and other capital costs over the next five years.

 “Iberdrola is an ideal long-term partner for our customers, our employees and the communities we serve,” said Jame P. Torgerson, the CEO of UIL who will be the chief of the combined company after the deal closes.

 Chairman of Iberdrola Ignacio Galán, said in a statements that deal remains consistent with the company expansion strategy.

 Earnings per share for the new company will grow about by 10 percent annually through 2019.

 UIL financial advisor was Morgan Stanley and Sullivan & Cromwell and Wiggin and Dana served as UIL legal advisors.

 Close the deal is expected by the end of the year.

Mr. Stakebay says:

 Iberdola will combine power and gas operations of UIL with its existing local unit and will list as new company on American Stock Exchange. The combined company will  serve 3.1 Million customers in New York, Massachusetts, Maine and Connecticut.

 

 

IBERDROLA OF SPAIN

UIL

Revenue

€ 30.032 Billion (2014)

$ 1.618 Billion (2014)

Operating income

€ 3.940 Billion (2014)

$ 248.84 Million (2014)

Profit

€ 2.326 Billion (2014)

$ 115.32 Million (2014)

Total assets

€ 93.771 Billion (2014)

$ 5.144 Billion (2014)

Total Equity

€ 35.790 Billion (2014)

$ 1.354 Billion (2014)

Employees

30 680 (2014)

1858 (2014)

 

Chairman and CEO of IBERDROLA………….JOSÉ IGNACIO SÁNCHEZ GALÁN……2006-PRESENT

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