British utility National Grid will acquire KeySpan for approximately $7.3 billion in cash to create the third-largest US energy delivery company. KeySpan shareholders will receive $42 in cash per share. Upon completion of the deal, National Grid will serve nearly 8 million customers in New York State and New England, the companies said.
National Grid - owner and operator of Britain's power grid - already distributes electricity and natural gas to nearly 4 million customers in the US.
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