Message #10 From:
NewsBot Date: July 10, 2006 12:39:00 PM
NG News CORRECTING and REPLACING National Grid and KeySpan Announce Clearance of Hart-Scott-Rodino Waiting Period
WESTBOROUGH, Mass. and BROOKLYN, N.Y.--(BUSINESS WIRE)--July 10, 2006--Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
NATIONAL GRID AND KEYSPAN ANNOUNCE CLEARANCE OF HART-SCOTT-RODINO WAITING PERIOD
National Grid (LSE: NG.L, NYSE: NGG) and KeySpan Corporation (NYSE: KSE) today announced they cleared review by the Federal Trade Commission under the Hart-Scott-Rodino Antitrust Improvements Act, a requirement of their proposed merger.
Remaining approvals for the acquisition include clearance under foreign investment laws; authorization by the U.S. Federal Energy Regulatory Commission and by the New York Public Service Commission and the New Hampshire Public Utilities Commission.
On February 27, 2006, National Grid and KeySpan announced an agreement for National Grid to acquire KeySpan, which will materially expand the size of National Grid's US operations and create the third-largest gas delivery utility in the United States. The acquisition is a natural extension of National Grid's business and will result in electricity and gas businesses serving nearly eight million customers in the New York State and New England regions.
About National Grid:
National Grid is an international energy delivery business with principal activities in the regulated electricity and natural gas industries. In the U.S., National Grid transmits and distributes electricity and natural gas to nearly 4 million customers across 29,000 square miles of Massachusetts, New Hampshire, New York and Rhode Island.
KeySpan will be National Grid's fifth US acquisition. Previously, it had acquired New England Electric System and Eastern Utilities Associates (2000), and Niagara Mohawk (2002). Earlier this year, National Grid announced that it will acquire the Rhode Island gas distribution business of Southern Union Company.
The company owns the high-voltage electricity transmission network in England and Wales and operates the system across Great Britain. It also owns and operates the high-pressure gas transmission system in Britain and, through its natural gas distribution business serves over 11 million meters in homes and businesses in Britain. In addition, it has a number of businesses operating in related areas such as LNG importation, wireless infrastructure for broadcast and telecommunications, property, metering and interconnectors. For more information, visit National Grid's web site at www.nationalgrid.com.
About KeySpan:
A member of the Standard & Poor's 500 Index, KeySpan Corporation (NYSE:KSE) is the fifth largest distributor of natural gas in the United States and the largest in the Northeast, operating regulated gas utilities in New York, Massachusetts, and New Hampshire that serve 2.6 million customers. These customer-focused businesses are complemented by a portfolio of service companies that offer energy-related products, services, and solutions to homes and businesses. KeySpan is also the largest electric generator in New York State, with approximately 6,650 megawatts of generating capacity that provides power to 1.1 million customers of the Long Island Power Authority (LIPA) on Long Island and supplies approximately 25 percent of New York City's capacity needs. KeySpan also operates LIPA's transmission and distribution system under contract to LIPA. In addition to these assets, KeySpan has strategic investments in pipeline transportation, distribution, storage, and production. KeySpan has headquarters in Brooklyn, New England, and Long Island. For more information, visit KeySpan's web site at www.keyspanenergy.com.
