Northeast Utilities/NSTAR
On October 18, 2010, Northeast Utilities (NYSE: NU) and NSTAR (NYSE: NST) announced that they have entered into a merger agreement to the tune of $17.5 billion.
Under 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.
Following completion of the merger, it is anticipated that Northeast Utilities shareholders would own approximately 56% and NSTAR shareholders would own approximately 44% of the combined company.
The companies anticipate that the regulatory approvals can be obtained within 9 – 12 months. The companies intend to seek shareholder approval of the transaction in early 2011.
Barclays Capital and Lazard are serving as financial advisors to Northeast Utilities. Skadden, Arps, Slate, Meagher & Flom LLP is serving as transaction counsel to Northeast Utilities.
Goldman, Sachs and Co. and Lexicon Partners (US) LLC are serving as financial advisors to NSTAR. Ropes & Gray LLP is serving as transaction counsel to NSTAR.
Under 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.
Following completion of the merger, it is anticipated that Northeast Utilities shareholders would own approximately 56% and NSTAR shareholders would own approximately 44% of the combined company.
The companies anticipate that the regulatory approvals can be obtained within 9 – 12 months. The companies intend to seek shareholder approval of the transaction in early 2011.
Barclays Capital and Lazard are serving as financial advisors to Northeast Utilities. Skadden, Arps, Slate, Meagher & Flom LLP is serving as transaction counsel to Northeast Utilities.
Goldman, Sachs and Co. and Lexicon Partners (US) LLC are serving as financial advisors to NSTAR. Ropes & Gray LLP is serving as transaction counsel to NSTAR.
NSTAR Announces Pro Rata Dividend Plan in Preparation for Completing Merger with Northeast Utilities
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NU and NSTAR to Webcast Presentation of Third Quarter Results
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Williams Starts Utilities Stocks: NU, AVA, ALE at Buy, MDU, BKH at Hold, NST at Sell
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UBS Maintains a 'Neutral' on Northeast Utilities (NU); First Take: Firing on All Cylinders
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Top 10 News Items for 10/18-10/22: Bank Concerns Remain Amid BofA's Bondholder Suit, Apple Still Top Dog, China Raises 1-Year Rates
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Wells Fargo Downgrades Northeast Utilities (NU) to Market Perform; Deal Appears Dilutive
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UBS Cuts Northeast Utilities (NU) to Neutral
