British Utility to Buy New England Electric
New England Electric System said it will be acquired by National Grid of Britain for about $3.2 billion in cash and assumed debt, the second purchase of a U.S. utility by a British power company in a week. The deal includes the assumption of $1 billion in New England Electric debt. National Grid operates Britain’s electricity transmission network. New England Electric, based in Westboro, Mass., is the state’s largest electricity distributor. Neither firm would comment. Scottish Power last Monday agreed to pay about $7.8 billion in stock for Portland, Ore.-based PacifiCorp.
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