ALBANY, N.Y. (AP) – Iberdrola’s $4.6 billion buyout of Energy East is a done deal.
Lawyers for Energy East – which owns power companies in New York, Maine, Connecticut and Massachusetts – told federal regulators in a letter that they closed the transaction Tuesday.
Energy East investors got $28.50 in cash for each share of common stock they owned.
Iberdrola, a global energy company based in Spain, made its bid for Energy East in June 2007. It passed a final hurdle this month, when regulators in New York gave their nod to the buyout. The approval was subject to conditions aimed at protecting its roughly 1.7 million customers in the state.
Those conditions include putting aside $275 million to offset future rate increases and selling off its fossil-fuel power plants.
AP-ES-09-16-08 1655EDT
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