Skadden Reps Northeast Utilities In $4.3B NStar Buy

Law360, New York (October 18, 2010, 3:11 PM EDT) -- Northeast Utilities System announced Monday that it had agreed to buy Boston-based NStar in a $4.3 billion stock-for-stock agreement, aiming to create one of the U.S.' largest utilities, worth an estimated $17.5 billion.

Northeast Utilities will use its stock to purchase shares of NStar, in what the companies called a merger of equals that would not provide a premium for stockholders. NStar shareholders would receive 1.312 common shares of Northeast Utilities stock.

Following completion of the merger, Northeast Utilities shareholders will own about 56 percent and...
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