National Grid PLC purchases Brooklyn-based Keyspan for $7.3 billion

London-based National Grid PLC purchased KeySpan for $7.3 billion in cash Monday. Brooklyn-based KeySpan and National Grid PLC say the merger will provide better service to Brooklyn. The deal, which creates

News 12 Staff

Feb 28, 2006, 12:31 AM

Updated 6,657 days ago

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National Grid PLC purchases Brooklyn-based Keyspan for $7.3 billion
London-based National Grid PLC purchased KeySpan for $7.3 billion in cash Monday. Brooklyn-based KeySpan and National Grid PLC say the merger will provide better service to Brooklyn. The deal, which creates the third-largest energy delivery utility in the United States, should not affect Brooklyn customers' rates. CEOs for both companies say the takeover will improve power plants. They also say they do not have plans to sell any of the plants. National Grid PLC hopes to complete the takeover of the northeast's largest gas-distribution company by early next year.


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