National Grid has announced that it will acquire US gas distributor KeySpan for £4.2 billion in cash, the equivalent of £24 per share. It will also take on £2.6 billion in debt.
National Grid, the company founded through the privatisation of the UK’s electricity distribution system, said the acquisition of KeySpan fits with their US business as it operates in the same states. It anticipates integration savings of $200 million a year and intends to grow by investing in KeySpan’s gas distribution business.
KeySpan is the fifth largest gas distributor in the US and owns plants which generate 6,600 megawatts of generating capacity.
Completion of the deal is expected in early 2007.
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