Northeast Utilities buys NStar for $5bn

Northeast Utilities closed on the $5 billion acquisition of NStar on April 10.

According to Bloomberg Businessweek, the newly combined company operates six electric and natural gas utilities serving 3.5 million customers in Connecticut, Massachusetts and New Hampshire. It will continue to be called Northeast Utilities and will operate out of Hartford, Conn. and Boston.

As part of the deal, Northeast Utilities and NStar agreed to buy more than 25 percent of the output from the planned Cape Wind offshore wind farm off the Massachusetts coast.

Tom May was named the new president and chief executive officer of Northeast Utilities, replacing Charles Shivery. Shivery was named non-executive chairman of Northeast Utilities’ board of trustees, the article said.

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