UIL Holdings to buy Philadelphia Gas Works for $1.86B

|About: UIL Holdings Corporation (UIL)|By:, SA News Editor

UIL Holdings (UIL) agrees to acquire the operations of Philadelphia Gas Works, the largest municipally owned natural gas utility in the U.S., for $1.86B.

UIL says the deal will expand its natural gas business and create a more geographically diversified utility holding company that serves more than 1.2M gas and electric customers.

The deal still needs approvals from the Philadelphia City Council and the Pennsylvania Public Utility Commission.