Nstar and Northeast Utilities complete merger
The merger between Northeast Utilities and Nstar is complete.
After a period of business negotiations between the two firms, Northeast Utilities and Nstar have completed their merger.
This has resulted in the creation of one of the US' largest utility companies, with 3.5 million customers stretching across three states.
Nstar will become a subsidiary of Northeast Utilities and it is hoped the firm will be able to take advantage of opportunities in the renewable energies industries.
It will have dual headquarters in Hartford, Connecticut and Boston, Massachusetts.
The firms' board of trustees now contains seven designees of Nstar and seven from Northeast Utilities.
President and chief executive officer of the combined organisation Thomas May said: "This is an exciting time in the energy industry and together we have the scale, talent and financial resources to meet the complex and demanding energy needs of our customers."
The deal had been approved by the Massachusetts Department of Public Utilities on April 4th, 18 months after the tie-up was first announced by the companies.
Posted by David Gleck
Source: Northeast Utilities press release, April 10th