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

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. (

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)

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