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 $90 million (subject to closing adjustments).
MNG's assets include 231 miles of natural gas pipelines and serve approximately 6,000 customers. This transaction reinforces Iberdrola's strategy focused on the sale of non-core assets, portfolio optimization 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 authorization processes for this type of transaction, but is expected to close by the end of the year.
Alliances for Growth
Key data points: The market size in 2031 = $2.9 billion, growth forecast = 5.6% annually for the next 7 years. Scroll below to get more insights. This market report covers trends, opportunities, and forecasts in the global virtual pipeline market to 2031 by fuel type (CNG, LNG, and others), application (transportation and industrial & commercial), and region (North America, Europe, Asia Pacific, and the Rest of the World)
Download free sample pagesIn recent years, the company has pursued a strategy of alliances and divestments to accelerate its growth and drive the electrification of the economy while maintaining its financial strength. In addition to the agreement with Kansai a few weeks ago to accelerate electrification in different countries, the company chaired by Ignacio Galán has completed the following transactions in recent months: