FirstEnergy agreed on Thursday to acquire Allegheny Energy for $4.7bn in an all-stock deal to create one of the largest US utility groups. The combined company would have 10 regulated power utilities across seven states encompassing coal, nuclear, natural gas, oil and renewable power generation. Analysts said the deal could see more tie-ups in the utility sector. FirstEnergy said it hoped to close the deal in 12-14 months and expect the combined company to have $16bn in annual revenue and $1.4bn in annual net income.

This entry was posted by Gwen Robinson on Friday, February 12th, 2010 at 5:05 and is featured in The 6am Cut London (12 Feb 2010) . Tagged with Allegheny Energy, FirstEnergy. Edit this entry.