NEW HAVEN >> The American subsidiary of Spanish energy giant Iberdrola is acquiring the New Haven-based corporate parent of The United Illuminating Co. and Southern Connecticut Gas in a $3 billion deal.
The deal between UIL Holdings and Iberdrola USA was announced Thursday morning (Feb.26th) before the start of trading on U.S. financial markets. The two companies have done business before, with UIL acquiring its three natural gas companies — SCG, Connecticut Natural Gas and Berkshire Gas — from Iberdrola in May 2010 in a $885 million deal.
