UIL Holdings to buy Philadelphia natgas utility for $1.86 bln

March 3 Mon Mar 3, 2014 6:46am EST

March 3 (Reuters) - UIL Holdings Corp said it would buy Philadelphia Gas Works, the largest municipally owned natural gas utility in the United States, for $1.86 billion in cash to expand its natural gas distribution operations.

The deal includes some liabilities of Philadelphia Gas Works, UIL said on Monday.

Philadelphia Gas Works manages a distribution system of about 6,000 miles of gas mains and service pipes supplying to about 500,000 customers in Philadelphia.

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