Iberdrola USA and UIL Holdings Corporation have closed on the Spanish firm's $3 billion purchase of the Connecticut parent company of several local energy firms.
Following the closing Wednesday, the combined company will operate under the name AVANGRID Inc., and will trade on the New York Stock Exchange under the symbol AGR.
Connecticut regulators approved the deal last week.
James P. Torgerson, president and chief executive officer of UIL Holdings, became CEO of AVANGRID. The leadership team will comprise former executives of UIL and Iberdrola USA.
The deal combines eight electric and natural gas utilities with an $8.3 billion rate base and serving 3.1 million customers in New York and New England. The AVANGRID utilities will continue to operate in offices in Connecticut, Massachusetts, Maine and New York.
