UIL pulls the plug on PGW
UIL Holdings has decided to end its agreement to buy Philadelphia Gas Works for $1.86 billion dollars. The deal fell through in November after Philadelphia City Council failed to hold a hearing, and approve the sale.
“Unfortunately, we had no choice but to terminate our efforts in the City of Philadelphia to acquire the PGW assets,” said James P. Torgerson, UIL’s President and Chief Executive Officer in a release. “We are extremely disappointed that no ordinance was introduced to approve the acquisition and we’re equally disappointed that we were not afforded a hearing to present the facts regarding our bid proposal. Philadelphia and the City’s gas customers would have benefitted from our accelerating the pace of pipe replacement and from our management of the PGW assets.”
The Connecticut based company had until the end of the year to terminate the deal.