UIL Holdings/Iberdrola merger

Overview:

• UIL Holdings has completed its €4.1 billion merger with Iberdrola to create Avangrid, one of the largest electric utilities and power generators in the United States that is listed on the New York Stock Exchange.
• The deal included jointly managing an M&A transaction, with a corporate IPO of the resulting entity, which is intended to coexist within Iberdrola’s Group.
• The combined entity also has natural gas storage and hub facilities that include over 120 billion cubic feet of owned or contracted storage capacity. 

Adam Majeed - Regional editor