Northeast Utilities to merge with Nstar

“Under the terms of the agreement, Nstar shareholders would receive 1.312 Northeast Utilities common shares for each Nstar share that they own in a transaction with a total equity value of $9.5 billion and an enterprise value of $17.5 billion ,” Northeast Utilities said in a statement.

That ratio was based on the ‘average closing price of both companies’ shares over the past 20 trading days and represents no premium for Nstar, it added.

The company, would continue to be called Northeast Utilities, and operate six regulated electric and gas utilities in three states with nearly 3.5 million electric and gas customers.
“With this transaction we will create a larger, stronger and more diversified regulated utility with over 9,000 employees in Massachusetts, New Hampshire and Connecticut, thereby benefiting our region as a whole,” Nstar Chairman, President and CEO Thomas J May said.

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