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Article: United Kingdom's National Grid Group to Buy New England Electric System.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- December 14, 1998
- Author:
CopyrightCOPYRIGHT 1998 Knight-Ridder/Tribune Business News. 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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Knight Ridder/Tribune Business News
Dec. 14 -- New England Electric System is expected to announce this morning that it will be bought by National Grid Group PLC of the United Kingdom for $3.2 billion in cash, people familiar with the deal said last night.
The buyout, the latest in a surge of transactions that is reshaping the region's electric utility industry, will also include assumption of $800 million in debt of Westborough-based NEES, the sources said.
The deal represents about a 25 percent increase over NEES shares' Friday close of $43, valuing each share at $58.48.
If completed, it will be the first US acquisition by National ...