March 20, 2008
Northeast Utilities agrees to cash settlement over failed merger
A financial settlement has been reached to resolve the legal dispute over a failed merger between Northeast Utilities and Consolidated Edison.
NU has agreed to pay $50 million to ConEd to settle the dispute stemming from the merger that fell through in March 2001.
The agreement settles lawsuits the two utilities filed against each other over the collapse of a proposed $7.5 billion deal.
In 1999, ConEd, the electricity utility for New York City, agreed to buy Northeast Utilities, which owns Connecticut Light & Power and other New England electricity and natural gas companies.
The deal would have married two of the largest utility companies in the region
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