Iberdrola completes Energy East buy

REGION Iberdrola said Wednesday it completed its acquisition of Energy East, parent of New York State Electric & Gas.

The companies said the transaction is valued at about $4.56 billion in cash plus another $4.06 billion in debt, for a total of about $8.6 billion (based on the currency exchange rate Sept. 15).

With the acquisition, the largest industrial transaction ever carried out by a Spanish company in the United States, Iberdrola enhances its presence in the U.S. market, where it is already the second largest in wind power through its renewable energy subsidiary with nearly 2000 megawatts in operating capacity.


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