The $3.2-million acquisition of New England Electric System by National Grid Group PLC was completed last week more than 15 months after the deal was announced. New England Electric, the parent company of Narragansett Electric Co., has been renamed National Grid USA.
Meanwhile, National Grid USA’s proposed $640-million acquisition of Eastern Utilities Associates, which owns Blackstone Valley Electric Co. and Newport Electric Corp., was awaiting final approval by the Securities and Exchange Commission in Washington, D.C., at press time.
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A National Grid USA spokeswoman said the the Massachusetts-based utility holding companies would be officially merged a few days after the companies get a green light from the SEC. The state’s three major electric utilities could be combined under the Narragansett Electric name as soon as April 1.
National Grid Group, which is based in Coventry, England, paid slightly less than $54.21 per share to acquire New England Electric’s stock. The original acquisition price was $53.75 per share, but it had been increasing by about three-tenths of a cent per day since a November 5 deadline. Delays in completing the merger added roughly $27 million to the final purchase price.
New England Electric System President and Chief Executive Officer Rick Sergel will remain as president and CEO of National Grid USA.
