New Haven utility parent UIL Holdings Corp. said Wednesday that it will continue to pursue its acquisition of Philadelphia Gas Works.
Wednesday is the first day UIL can terminate its initial agreement, announced in March, to purchase city-owned PGW for $1.86 billion.
“UIL may now exit this deal at any time while the matter is pending before the City Council,” CEO James Torgerson said in a statement. “We have decided to continue our efforts to pursue this acquisition and become a new business partner in the City of Philadelphia.”
The Philadelphia City Council has did not schedule any hearings on the deal this week during its final meeting before a summer recess, according to Bloomberg Businessweek, which said hearings could happen in September.
The council’s president told the publication that the council has many unanswered questions about the acquisition and must perform due diligence.
UIL is the parent company of United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas.
