Acquisitions
National Grid of the UK said it expects plans to purchase two US power companies will be cleared by US regulators within six to eight months. The company wants to buy the New England Electric System (NEES) and Eastern Utilities. It originally thought approval would not take place until 2000.
The UK company announced it wanted to purchase NEES for $2 billion last December. In February, it added Eastern Utilities, at a cost of $396 million. Both deals have been approved by shareholders in all the companies concerned and by the UK Office of Fair Trading.