August 24, 2007
Grid merger to close today
By Matthew L. Brown
National Grid, the U.S. operations of which are based in Westborough, is expected to close on its $7.3 billion purchase of New York-based KeySpan today.
Once the deal is closed, Bob Catell, KeySpan chairman and CEO, will become chairman of National Grid. National Grid, which is based in London, will become the second-largest utility company in the U.S., delivering electricity to 3.3 million customers, and natural gas to 3.4 million in Massachusetts, New Hampshire, New York and Rhode Island. The company will also provide electricity to more than a million customers on Long Island.
KeySpan is one of the largest distributors of natural gas in the northeast. National Grid owns and operates the electrical and natural gas systems across Great Britain.
Once the deal is closed, Bob Catell, KeySpan chairman and CEO, will become chairman of National Grid. National Grid, which is based in London, will become the second-largest utility company in the U.S., delivering electricity to 3.3 million customers, and natural gas to 3.4 million in Massachusetts, New Hampshire, New York and Rhode Island. The company will also provide electricity to more than a million customers on Long Island.
KeySpan is one of the largest distributors of natural gas in the northeast. National Grid owns and operates the electrical and natural gas systems across Great Britain.
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