Spanish power company Iberdrola announced late on Wednesday that it has reached an agreement to acquire Connecticut-based UIL Holdings in a cash and stock deal valued at $3 billion. The deal comes just two months after UIL had to terminate its $1.86 billion offer for Philadelphia Gas Works. after the city council blocked the transaction. This is a great deal for the CEO as he will take the reins as CEO of the new entity. The deal is also favorable for UIL shareholders as Iberdrola is paying $52.75 per share for each UIL share, representing a 25% premium to Wednesday’s closing price.
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