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David Einhorn Comments on UIL Holdings

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November 19, 2015 | About:

We established a position in UIL Holdings (NYSE:UIL) at an average price of $49.57 per share. UIL Holdings currently owns and operates several regulated utility assets in Connecticut and Massachusetts. In February, UIL Holdings announced that it was combining with Iberdrola USA, the U.S. division of Iberdrola, a large Spanish company with power and utility assets around the world. The Iberdrola USA business is currently made up of regulated utility assets in the Northeast, one of the largest wind energy portfolios in the U.S. and a well-regarded renewables development organization with a healthy pipeline of wind projects.

Upon closing, UIL shareholders will receive $10.50 per share in cash and one share in a new publicly listed entity which will comprise stable utility assets and a growing renewables business. The pro forma entity will be less levered than its peers with a large tax asset and attractive renewables cash flows that we believe are not fully reflected in the stock price today.

From David Einhorn (Trades, Portfolio)'s third quarter 2015 Greenlight Capital shareholder commentary.


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