NiSource and Columbia Energy Group receive approval for merger

Jul 06, 2000 02:00 AM

NiSource and Columbia Energy Group announced that they have received approval for their $ 6 bn merger from regulators in Kentucky, Maine and Indiana. Two more state approvals -- Pennsylvania and Virginia -- are left as well as the US Federal Energy Regulatory Commission and the US Securities and Exchange Commission.
The electric and natural gas companies plan to complete their merger by the end of this year. They expect the remaining states to act "soon" as they have reached settlements with all parties there. NiSource will pay $ 70 per share in cash and $ 2.60 per share in convertible securities for each share of Columbia Energy. It will also assume $ 2.5 bn in Columbia Energy debt.
The deal was announced Feb 28, 2000, after NiSource spent over half a year attempting to buy Columbia Energy, which repeatedly rejected its offers. Columbia Energy had attempted to attract other offers but none appeared to its satisfaction.
The deal has received approvals from each companies' shareholders as well as regulators in Ohio, Massachusetts, Maryland and New Hampshire.

Based in Merrillville, Indiana, NiSource distributes electricity, natural gas and water in the Midwest and North-eastern US.

Based in Herndon, Virginia, Columbia Energy's operating companies engage in nearly all phases of the natural gas business, including exploration and production, transmission, storage and distribution, as well as propane and petroleum product sales, and electric power generation.

Source: Bridge News via Newspage
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