Northeast Utilities (NYSE: NU) and NSTAR (NYSE: NST) announced today that their merger is complete, creating one of the nation’s largest utilities with six regulated electric and natural gas utilities serving 3.5 million customers in three states. The newly merged company will continue to be called Northeast Utilities and NSTAR will become an NU subsidiary in Massachusetts. NU will be more diverse and better positioned to support economic growth and renewable energy opportunities in New England.
Northeast Utilities President and CEO Thomas J. May (Photo: Business Wire)
Upon the closing of the merger, Thomas J. May became president and CEO of Northeast Utilities, and Charles W. Shivery became non-executive chairman of NU’s board of trustees. The combined company will have dual headquarters in Boston, MA, and Hartford, CT. “Today our two great companies become one. This merger puts us in a unique position to provide better service levels, support our communities and employees, and take the lead on green programs and smart technologies that protect the environment,” said May. “This is an exciting time in the energy industry and together we have the scale, talent and financial resources to meet the complex and demanding energy needs of our customers across New England.” Also effective today, the NU board of trustees now consists of 14 members including seven designees of NU and seven designees of NSTAR. The NU trustees who will continue to serve on the board are Mr. Richard H. Booth, Mr. John S. Clarkeson, Ms. Cotton M. Cleveland, Mr. Sanford Cloud, Jr., Mr. Kenneth R. Leibler, Mr. Charles W. Shivery and Mr. Dennis R. Wraase. The new NU trustees designated by NSTAR are Mr. James S. DiStasio, Mr. Francis A. Doyle, Mr. Charles K. Gifford, Mr. Paul A. LaCamera, Mr. Thomas J. May, Mr. William C. Van Faasen and Ms. Frederica M. Williams.
Nstar (NYSE:NST) hit a new 52-week high Tuesday as it is currently trading at $48.87, above its previous 52-week high of $48.66 with 144,998 shares traded as of 3:30 p.m. ET. Average volume has been 364,500 shares over the past 30 days.
Nstar (NYSE:NST) hit a new 52-week high Monday as it is currently trading at $47.62, above its previous 52-week high of $47.59 with 124,806 shares traded as of 1:47 p.m. ET. Average volume has been 364,500 shares over the past 30 days.
The ex-dividend date for Nstar (NYSE:NST) is tomorrow, February 28, 2012. Owners of shares as of market close today will be eligible for a dividend of 45 cents per share. At a price of $46.80 as of 9:30 a.m., the dividend yield is 3.8%.