Latest approval brings Iberdrola's acquisition of Energy East one step closer to completion

By Lisa Kerner

Charlotte, N.C., Dec. 10 - The Federal Energy Regulatory Commission's approval of Iberdrola, SA's acquisition of Energy East Corp. is the fifth regulatory approval received in connection with the proposed merger, according to an Energy East news release.

The approval was issued on Dec. 6. Remaining regulatory approvals are still needed from the states of New York, Maine and New Hampshire.

The transaction is slated to close in the first half of 2008.

On June 25, Iberdrola agreed to acquire Energy East in a transaction valued at $8.6 billion, or $28.50 per share.

Energy East is a utility company based in New Gloucester, Maine, and Iberdrola is a utility located in Bilbao, Spain.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.