Philadelphia Mayor Michael Nutter has announced his plans to sell city-owned Philadelphia Gas Works to UIL Holdings Corp. for close to $1.9 billion, raising money for the City's pension fund. Under terms of the deal, the city will pay off PGW's debt, and its swaps will be terminated. Philadelphia Treasurer Nancy Winkler said that the money to do so will come from UIL's purchase and from $200 million in PGW's cash reserves

.Ballard Spahr was the City of Philadelphia's counsel on the deal.

Ballard Spahr Chair Mark Stewart stated, "This historic transaction included very complex transactional, political, and regulatory issues. That our team got it done—and on such favorable terms to the city—exemplifies both the skill of our mergers and acquisitions team and our experience with public-private partnerships. Terms were as important as price to the city. This transaction yielded a terrific result on both fronts."

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