SYRACUSE, N.Y., Jan. 29, 2001 (PRNewswire) National Grid Group plc (NYSE: NGG) shareholders, meeting today in Coventry, England, voted overwhelmingly to approve a plan to merge their company with Niagara Mohawk Holdings Inc. (NYSE: NMK)
Earlier this month Niagara Mohawk’s shareholders also voted to approve the planned merger, which remains subject to numerous regulatory approvals. National Grid Group and Niagara Mohawk Holdings announced Sept. 5 they had signed a merger agreement under which London-based National Grid would acquire Niagara Mohawk in a merger in which Niagara Mohawk common shareholders would receive stock and cash.
Completion of the merger with Niagara Mohawk would mark National Grid’s third U.S. acquisition, after New England Electric System and Eastern Utilities Associates which were purchased in 2000.
The companies expect that the proposed transaction can be completed by late this year. National Grid Group, one of the United Kingdom’s 50 largest companies and the world’s largest independent electric transmission company, builds, owns and operates electric and telecommunications networks around the world.
Niagara Mohawk Holdings is the parent company of Niagara Mohawk Power Corp, a regulated electricity and natural gas delivery company with the largest service territory in New York state. Niagara Mohawk Power Corp. serves more than 1.5 million electricity customers and more than 540,000 natural gas customers across 24,000 square miles.
Niagara Mohawk Holdings also is parent to Opinac NA, an unregulated entity with two subsidiaries of its own Niagara Mohawk Energy and Opinac Energy.