UIL Holdings Corporation, a diversified energy delivery company serving more than 700,000 electric and natural gas utility customers in 66 communities across two states, has reached a definitive agreement to acquire assets and certain liabilities of Philadelphia Gas Works (PGW Operations), the largest municipally-owned natural gas utility in the United States, from the City of Philadelphia for US$1.86bn in cash. The PGW Operations will be acquired on a cash-free and debt-free basis. Philadelphia Gas Works manages a distribution system of approximately 6,000 miles (about 10,000 km) of gas mains and service pipes supplying approximately 500,000 customers in the city of Philadelphia. The acquisition of PGW Operations will significantly expand the size and scale of UIL’s natural gas operations and create a more geographically diversified energy delivery utility holding company serving more than 1.2 million total gas and electric customers, including nearly 900,000 gas customers, with proximity to abundant regional gas supply in the Marcellus and Utica shales.
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