(MENAFN) Spanish utility Iberdrola is set to buy UIL Holdings for a sum of about USD3 billion, in hopes of creating a new listed power and electric utility and to expand in the US, CNBC reported.
Iberdrola, through the transaction, aims to find some growth outside its domestic market confines as the Spanish energy reforms have wiped USD1.58 billion from the company's earnings since 2011.
"The transaction integrates Iberdrola USA and UIL, is consistent with group strategy and creates a significant company in the United States," Iberdrola's chairman said in a statement.
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