Sullivan Counsels UIL In $1.3B Iberdrola Gas Deal

Law360, New York (May 25, 2010, 2:02 PM EDT) -- UIL Holdings Corp. plans to double its size by snapping up three natural gas utilities in the northeastern U.S. from Spanish power giant Iberdrola SA for $1.3 billion in cash, part of an effort to boost earnings and dividend potential.

Together, the three natural gas local distribution target companies — the Southern Connecticut Gas Co., Connecticut Natural Gas Corp., and Massachusetts-based Berkshire Gas Co. — serve more than 333,000 natural gas customers in Connecticut and 36,000 in Massachusetts.

UIL said it would assume a total of...
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