November 29, 2016 / 7:00 PM / in a year

WGL weighs sale after interest from Spain's Iberdrola - Bbg

Nov 29 (Reuters) - WGL Holdings Inc, parent of natural-gas utility Washington Gas, is weighing options including a sale after receiving takeover interest from Spain’s Iberdrola SA, Bloomberg reported.

Shares of WGL, which has a market value of about $3.50 billion, rose as much as 14 percent to a record high of $77.25.

WGL has held preliminary talks with Iberdrola but no agreement has been reached, Bloomberg reported, citing people familiar with the matter.

Washington, D.C.-based WGL is working with financial advisers and could also decide to remain independent, the report said. (bloom.bg/2gFNfbI)

WGL, which provides natural gas services in the District of Columbia, Maryland and Virginia, had long-term debt of $1.44 billion as of Sept. 30, according to a regulatory filing.

Iberdrola’s spokesman declined to comment and WGL was not immediately available for comment. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Maju Samuel)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below