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
A Global and Regional Analysis: Focus on Application, Product Type, and Country-Level Analysis
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: