The UK’s National Grid has reached a sales agreement with US gas distribution company Keyspan to acquire the company for a cash consideration of approximately $7.3 billion plus $4.5 billion of debt.
National Grid will acquire KeySpan, the largest distributor of natural gas in the Northeastern US, an electricity transmission and distribution system serving approximately 1.1 million customers in New York and 6.7 GW of generation.
KeySpan announced a definitive agreement under which National Grid will acquire KeySpan for $42 per share in cash.