Business Excellence Awards
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HARTFORD, Conn. – Northeast Utilities won approval from Connecticut for its $5.04 billion takeover of Nstar, leaving one remaining regulatory consent needed for the creation of New England’s largest utility owner, Bloomberg News reported last week.
Connecticut’s Public Utilities Regulatory Authority voted in favor of the acquisition at a meeting in Hartford, Albert Lara, a spokesman for Northeast Utilities, said in a telephone interview. The purchase of Boston-based Nstar was announced in October 2010 and still needs approval from Massachusetts regulators.
Northeast Utilities, based in Springfield, Mass., and run from Hartford, asked Massachusetts regulators to review the deal by April 4, Lara said. The company said last month it expects to complete the purchase by April 16. •