UIL Shells Out $1.86B For Philly Gas Utility

Law360, Philadelphia (March 3, 2014, 1:24 PM EST) -- UIL Holdings Corp. announced Monday that it had struck a deal with Philadelphia Mayor Michael Nutter’s administration to acquire Philadelphia Gas Works, the nation’s largest municipally owned natural gas utility, for $1.86 billion.

Pending approvals from Philadelphia City Council and the Pennsylvania Public Utility Commission, the Connecticut-based UIL is poised to take over natural gas service for more than 500,000 customers in a deal Nutter said would freeze rates for three years while allowing the city to pump at least $424 million in its pension fund....
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