Message #12 From:
NewsBot Date: August 1, 2006 01:15:00 PM
NG News National Grid Shareholders Approve KeySpan Acquisition
WESTBOROUGH, Mass.--(BUSINESS WIRE)--Aug. 1, 2006--National Grid (LSE:NG.L NYSE:NGG) shareholders yesterday overwhelmingly approved the acquisition of KeySpan Corporation (NYSE: KSE) during the company's Extraordinary General Meeting in London.
This approval is another step in the process of completing the transaction. On July 21, National Grid and KeySpan filed for approval of the merger with the New York State Public Service Commission, and in May the companies filed for approval from the U.S. Federal Energy Regulatory Commission. The transaction gained clearance on its filings in compliance with federal antitrust and foreign investment requirements in July. A filing with the New Hampshire Public Utilities Commission is expected shortly.
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.
