Iberdrola-Energy East deal closes
After months of review, Spanish utility Iberdrola has finalized its purchase for $4.6 billion of New Gloucester-based Energy East, parent company of Central Maine Power Co.
Lawyers for Energy East confirmed in a letter to federal regulators that the deal was closed yesterday, according to Business Week. Iberdrola announced its intentions to buy Energy East in June 2007, and finally received approval from New York regulators last month, with conditions that included putting aside $275 million to offset future rate increases and selling off its fossil-fuel power plants. The Maine Public Utilities Commission approved the acquisition in January. Energy East investors received $28.50 in cash for each share of common stock they owned. (Read about Iberdrola's acquisition of Energy East in the Mainebiz story, "Power surge".)
Energy East owns power companies in Maine, Connecticut, Massachusetts and New York.
Most Recent
Most Recent
Comments