Iberdrola has sold 100% of the US-based company Maine Natural Gas (MNG) to Unitil, a public energy holding company with operations in Maine, New Hampshire, and Massachusetts. The transaction is valued at approximately US$90 million (subject to closing adjustments).
MNG's assets include 231 miles of natural gas pipelines and serve approximately 6000 customers. This transaction reinforces Iberdrola's strategy focused on the sale of non-core assets, portfolio optimisation with value creation, capital discipline, and structure simplification. MNG is a small, non-core gas business for Iberdrola, and therefore fell outside the company's strategic scope. With this divestment, the company is focusing its investment on US electricity grids, which represent 80% of the company's business in the country.
The transaction is pending the usual authorisation processes for this type of transaction, but is expected to close by the end of the year.
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