Northeast Utilities will buy NSTAR
By Matt Daily |
October 19, 2010, Tuesday
|
Print Edition
Print Edition
NORTHEAST Utilities will buy peer NSTAR in a US$9.5 billion all-stock deal to create one of the largest US utilities, the companies said yesterday.
The deal calls for the exchange of 1.312 common shares of Northeast Utilities for each NSTAR share.
That ratio was based on the average closing price of both companies' shares over the past 20 trading days and represents no premium for NSTAR, the companies said.
Upon completion, Northeast Utilities would operate six regulated electric and gas utilities in three states with nearly 3.5 million electric and gas customers.
The companies expect to seek the necessary two-thirds approval from shareholders early next year. However, the deal first needs to be approved by state and federal regulators.
The deal calls for the exchange of 1.312 common shares of Northeast Utilities for each NSTAR share.
That ratio was based on the average closing price of both companies' shares over the past 20 trading days and represents no premium for NSTAR, the companies said.
Upon completion, Northeast Utilities would operate six regulated electric and gas utilities in three states with nearly 3.5 million electric and gas customers.
The companies expect to seek the necessary two-thirds approval from shareholders early next year. However, the deal first needs to be approved by state and federal regulators.
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