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British Firm to Buy US Energy Distributor for $7.3 Billion - ASHARQ AL-AWSAT English Archive
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Washington – British utility National Grid has agreed to buy U.S. electricity and natural-gas distributor KeySpan Corporation for $7.3 billion that would create the third-largest energy delivery utility in the United States.

National Grid said in New York on Monday it would pay the $7.3 billion in cash and also would assume debt estimated at $4.5 billion. KeySpan shareholders will receive $42 in cash per share.

After the deal is completed, National Grid will serve nearly 8 million customers in the northeastern United States, the companies said.

National Grid, which already has a large presence in the United States, owns and operates Britain’s electricity grid. KeySpan is the fifth-largest gas-distribution company in the United States.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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