A London-Based Energy Company To Take Over Brooklyn-Based KeySpan

Brooklyn-based KeySpan Corp. will announce this morning that it has agreed to a buyout by London-based National Grid in an all-cash deal valued at $7.3 billion that will create the country's third-largest utility company, with just under 8 million customers.  
The $42-per-share deal was approved by KeySpan's board of trustees over the weekend.
Brooklyn-based KeySpan is expected to announce that the transaction. The company will retain the KeySpan name, its regional workforce and related operations.   KeySpan is the largest power generator in New York State, with plants on Long Island and in Queens, and the company manages the Long Island Power Authority's electric grid.