November 08, 2019
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CMP’s parent company reportedly in talks for $67 billion merger with another utility

CBS 13 | BDN
CBS 13 | BDN

Central Maine Power’s parent company is reportedly in talks about a merger with a Pennsylvania-based utility in a deal rumored to be worth $67 billion.

Reuters reports that a merger between Connecticut-based Avangrid and PPL Corp. would create one of the largest publicly traded utilities if approved. It is unclear whether a merger would involve an investment from the Spanish utility Iberdrola, which owns 80 percent of Avangrid, according to the United Kingdom-based news agency.

The talks were first reported earlier this month by the Financial Times of London.

Avangrid, the parent company of CMP, is worth about $15 billion, while PPL is worth about $23 billion, Reuters reports.

The Morning Call, a newspaper based in Pennsylvania’s Lehigh Valley, reports that a merger between Avangrid and PPL is rumored to be worth $67 billion, including debt.

Avangrid serves more than 3 million people across upstate New York and New England, and PPL service about 1.4 million people across 29 countries, according to Reuters.

Representatives for both utilities declined to comment to media outlets about a potential merger.

 

Correction: An earlier version of this report contained a misspelling of the name of PPL Corp.


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