Middle-east Arab News Opinion | Asharq Al-awsat

British Firm to Buy US Energy Distributor for $7.3 Billion | ASHARQ AL-AWSAT English Archive 2005 -2017
Select Page

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.