December 10, 2015 / 11:50 AM / 3 years ago

Iberdrola close to finalizing UIL merger after U.S. approval

The logo of Spanish power company Iberdrola is seen on top of Iberdrola's main office building in Madrid October 6, 2014. REUTERS/Susana Vera

MADRID (Reuters) - Connecticut’s regulator agreed to the conditions of Iberdrola’s merger with U.S. utility UIL Holdings late on Wednesday, permitting the Spanish group to close the $3 billion deal this quarter.

The Public Utilities Regulatory Authority (PURA) concluded that the application submitted by UIL and Iberdrola meets Connecticut’s financial, managerial, technical and public interest requirements, the state regulator said in a statement.

Federal regulators have already approved the takeover.

Iberdrola agreed in February to buy UIL to gain presence in Connecticut, Massachusetts, Maine and New York as part of an expansion plan in the United States, which it hopes will offset falling profits at home.

However, PURA rejected the deal in a preliminary decision early in July, saying the benefits for the public were not “tangible and sizable”.

Reporting by Paul Day; Editing by Subhranshu Sahu

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