Iberdrola sells US assets worth 1.3 billion dollars

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Spanish energy giant Iberdrola Tuesday announced a deal to sell US natural gas subsidiaries worth a total 1.3 billion dollars (1.06 billion euros) to US group UIL Holdings.

The three subsidiaries are the Connecticut Natural Gas Corporation, The Southern Connecticut Gas Company et The Berkshire Gas Company, it said in a statement.

Iberdrola said the operation is part of its plan to divest itself of "non-strategic assets" and help finance an electricity network in the northeastern US state of Maine.

© 2010 AFP

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