Energy East acquired by Iberdrola

By Lisa Kerner

Charlotte, N.C., Sept. 17 - Iberdrola, SA enhanced its presence as a U.S. utility with the completed acquisition of Energy East Corp., it was announced on Wednesday.

According to Iberdrola, the transaction is valued at about €3.2 billion in cash plus debt for a total of approximately €6.0 billion.

Each share of Energy East was valued at $28.50 per share, an Iberdrola news release said.

Iberdrola had to accept conditions required by the New York State Public Service Commission in order to close the deal, it was previously reported.

Energy East is a utility company based in New Gloucester, Maine, and Iberdrola is a utility located in Bilbao, Spain.

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