Enron and Portland General merged

Jul 14, 1997 02:00 AM

June 26, 1997 Enron Corp. and Portland General Corporation announced that they closed their merger transaction effective on July 1, 1997, subject to the satisfaction and confirmation of certain conditions to closing set forth in their merger agreement.
The $ 3.0 billion merger will result in a combined enterprise with a market value of approximately $ 12.0 billion as of June 25, 1997 close. Enron will issue 50.5 million new common shares to shareholders of Portland General, consolidate Portland General's debt of $ 1.1 billion and account for the transaction on a purchase accounting basis.
The merger links Enron, the largest wholesale marketer of natural gas and electricity in North America, with Portland General, one of the most successful, low-cost electric utilities in one of the country's fastest growing regions. With ownership of approximately 5,000 MW of generating capacity and more than 38,000 miles of natural gas pipeline world-wide, the combined company will be well-positioned to provide integrated energy solutions for wholesale and retail natural gas and electricity customers in North America and internationally.

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