The friendly takeover will see Iberdrola USA – America’s second-biggest wind power producer – and UIL form a merged business 81.5% owned by the Spanish group and the rest by UIL’s shareholders.
With combined pre-tax profits (Ebitda) of about $2bn last year, the business will have an installed capacity of 6.7GW and an asset base spread across 24 states.
Iberdrola group chairman Ignacio Galán said: “The operation that integrates Iberdrola USA and UIL is consistent with our strategy of growth in this country, a key market in which we are taking a major step forward.
