Posted AT 8:36 AM EST on 27/02/06
KeySpan sold
LONDON — British utility National Grid PLC said it agreed to buy Brooklyn-based electricity and natural-gas distributor KeySpan Corp. for $7.3-billion (U.S.) in a deal that would create the third-largest energy delivery utility in the United States.
National Grid said Monday it was paying the $7.3-billion in cash and also taking on debt estimated at $4.5-billion. KeySpan shareholders will receive $42.00 in cash per share.
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