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Article: Completion of Acquisition: New England - New York Cross Sound Cable.
- Article from:
- PR Newswire
- Article date:
- February 28, 2006
CopyrightCOPYRIGHT 2006 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, Feb. 28 /PRNewswire/ -- Babcock & Brown Infrastructure today announced the completion of the acquisition of the Cross Sound Cable, which links the electricity grids of New England and New York.
As announced by BBI on 9 November 2005, BBI entered into a purchase agreement with TransEnergie HQ Inc and UIL Holdings to acquire the membership interests in the Cross Sound Cable Company LLC for approximately US$213 million and an equity requirement of US$25.7 million excluding cash reserves. The Cross Sound Cable Company has 100% ownership of the Cross Sound Cable Project.
The acquisition was subject to a number of regulatory approvals, all of which ...