UK-based electricity and gas company National Grid has received the final regulatory approval required to acquire US-based KeySpan Corporation.

The New York State Public Service Commission has unanimously voted to approve the transaction.

Steve Holliday, National Grid chief executive, said: We’ve been working towards this goal for a well over a year and I am absolutely delighted that we have achieved the final milestone.

We are totally committed to making sure our customers and shareholders receive the benefits coming from this merger. The substantial opportunities for cost savings are clear, and with our investment capability we can really unlock KeySpan’s growth potential, he added.

National Grid will hold an investor seminar on its enlarged gas distribution and electricity distribution & generation businesses on October 17 and 18, 2007, in New York.