Archive for the 'M&A' Category
Posted by Edward G. Lanza on 18 Sep 2008 | Tagged as: Electric, Energy, M&A
HomeTownAnnapolis.com:
After watching Constellation Energy’s stock tumble 60 percent since Monday, famed investor Warren Buffet stepped in this morning to buy the Baltimore-based utility for $4.7 billion.
The transaction announced shortly after 9 a.m. has Mr. Buffet’s MidAmerican Energy Holdings Co. engaging in a cash-and-stock deal to buy Constellation — the parent of Baltimore Gas and Electric Co., which provides gas and electricity to most homes in Anne Arundel County.
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Posted by Edward G. Lanza on 03 Jul 2008 | Tagged as: Natural Gas, Energy, M&A
MarketWatch:
Dominion said Wednesday it’ll sell two gas utilities for $910 million. The Richmond, Va. electric and natural gas utility firm said Babcock & Brown Infrastructure Fund North America, a San Francisco-based infrastructure fund, will buy Dominion Peoples and Dominion Hope natural gas distribution companies. The deal is expected to close in 2009. Dominion plans to use all after-tax proceeds, expected to be approximately $675 million to reduce debt.
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Posted by Edward G. Lanza on 17 Jun 2008 | Tagged as: Electric, Energy, M&A
Reuters:
A New York administrative law judge recommended on Monday that state regulators disapprove Iberdrola SA’s $4.5 billion takeover of U.S. utility Energy East Corp., saying the deal is not in the public’s best interest.
New York’s Public Service Commission — regulators who oversee the state’s utilities — could kill the deal by not approving it.
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Posted by Edward G. Lanza on 04 Apr 2008 | Tagged as: Energy, M&A
RTT News:
Centrica Plc on Wednesday said its North American subsidiary, Direct Energy, has agreed to take over Strategic Energy LLC for a total cash consideration of US$300 million, or GBP 151 million. Strategic is a subsidiary of Great Plains Energy Inc.
Centrica noted that the deal is debt free and includes a significant amount of working capital, which will be subject to a subsequent true-up. The merger of Strategic with Direct’s existing C&I business will create a business supplying almost 55TWh of electricity and gas to customers, the firm added.
The transaction is subject to regulatory approval and is expected to close in June 2008.
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Posted by Edward G. Lanza on 02 Apr 2008 | Tagged as: Water, M&A, Wastewater
AP via Forbes:
Water and wastewater utility company American Water Works Co. expects its planned initial public offering to total 64 million shares and price between $24 and $26 per share, according to a Securities and Exchange Commission filing Monday.
Voorhees, N.J.-based American Water is a subsidiary of RWE, a European electricity and gas company. RWE first announced it would exit its water activities in the U.S. and the U.K. in 2005. The parent company plans to sell American Water in more than one offering through its subsidiary Thames Water Aqua Holdings GmbH.
After the initial offering, RWE will continue to own up to about 60 percent of the American Water’s common stock.
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Posted by Edward G. Lanza on 07 Dec 2007 | Tagged as: General, Electric, Energy, International, M&A
CNN Money:
Federal energy regulators have approved regional utility owner Energy East Corp.’s roughly $4.5 billion buyout by Spanish power company Iberdrola SA.
The Federal Energy Regulatory Commission on Thursday said that since Iberdrola owns no U.S. transmission facilities ands relatively little generation in the relevant markets, “the acquisition does not present vertical or horizontal market power issues.”
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Posted by Edward G. Lanza on 21 Nov 2007 | Tagged as: Electric, Energy, M&A
CNN Money:
Shareholders of Energy East Corporation today overwhelmingly approved the agreement and plan of merger with Iberdrola, S.A., whereby Energy East will become a wholly- owned subsidiary of Iberdrola. Approximately 93% of the votes received were voted “for” the merger.
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Posted by Edward G. Lanza on 14 Nov 2007 | Tagged as: Water, International, M&A
International Herald Tribune:
German utility RWE AG on Wednesday postponed a planned initial public offering of its U.S.-based water unit American Water Works Co., citing the “currently unfavorable conditions” in U.S. markets.
RWE had planned to spin off Voorhees, New Jersey-based American Water through an IPO at the end of this year as it moves to sharpen its focus on European gas and electricity markets.
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Posted by Edward G. Lanza on 03 Oct 2007 | Tagged as: Natural Gas, Energy, M&A
Pittsburgh Tribune Review:
The future of natural gas service in the Pittsburgh area could take shape starting today in a Philadelphia courtroom, as federal appellate judges look at Equitable Resources Inc.’s long-delayed plan to buy local competitor Dominion Peoples Gas.
North Shore-based Equitable will ask a three-judge panel with the U.S. Court of Appeals for the Third Circuit to dismiss the Federal Trade Commission’s attempt to block the deal — which would create the state’s largest natural gas distribution company with more than 600,000 customers.
The company is expected to argue that the state Public Utility Commission has the authority to decide whether utility mergers are in the public’s interest, and the PUC’s approval is immune from a federal antitrust challenge.
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Posted by Edward G. Lanza on 07 Sep 2007 | Tagged as: General, Electric, Energy, M&A
Dallas Morning News:
TXU Corp. shareholders voted to sell the company to private investors in the biggest leveraged buyout ever.
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