Merger news

Several utility mergers and acquisitions have been announced in the USA. Dynergy and Illinova Corp. have announced plans to merge in a mostly stock transaction valued at about $2bn.

The parent company of Texas-New Mexico Power will sell the utility to a private investor group in a $1bn deal. This is the first leveraged buy-out of a US electric utility.

In another deal, Indiana Energy Inc. will merge with Sigcorp Inc., forming a new holding company called Vectren Corp. Meanwhile, CMP Group Inc. of Maine will be acquired by Energy East Corporation.