KeySpan Energy Corp. combined last week with Long IslandLighting Co. (LILCO) to form MarketSpan Corp., a new holdingcompany dedicated to market growth in the Northeast as well asinvestments in energy in North America and abroad.
KeySpan and LILCO trading on the New York Stock Exchange will bereplaced by MarketSpan at the opening bell today. Shareholders ofLILCO will receive 0.880 shares of MarketSpan common stock for eachshare of LILCO, and KeySpan shareholders will receive one share ofMarketSpan common stock for each share of KeySpan. “The mergerconsummated today provides customers from Staten Island to MontaukPoint with reduced energy costs and enhanced services,” saidWilliam J. Catacosinos, CEO of MarketSpan.
Headquartered in both Brooklyn and Hicksville, MarketSpan ownsLILCO’s common plant, non-nuclear electric-generation assets andoperations, and the regulated natural gas businesses of both LILCOand Brooklyn Union. In addition, MarketSpan owns KeySpan’sunregulated subsidiaries and its investments in gas exploration,production and transportation – including a 66% ownership inHouston Exploration Co. The KeySpan unregulated subsidiaries willretain their names. Brooklyn Union will continue to serve customersin Brooklyn, Queens, and Staten Island. A separate MarketSpansubsidiary will provide gas service to Long Island also under theBrooklyn Union name.
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