Two French companies have agreed to pay University of Iowa more than $1.1 billion. This relates to their effort to secure the rights to operate the universities utility system for the next 50 years.

The Iowa Board of Regents gave a vote of approval to the plan Tuesday.

Iowa Governor Kim Reynolds spoke on the plan calling it an innovative approach that will create a revenue that will help finance the school's strategic plan.

(Via KWWL)

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