Atlanta-based Mirant Corp. said a mini-tender offer was made for 1% of its stock last week by Vector Enterprises Inc. Vector offered to purchase the stock for $28 a share. In response, Mirant said it “strongly recommends that its shareholders not tender their shares” to Vector because the offer “is considerably below the current market price.” Mirant develops, constructs, owns and operates power plants and sells wholesale electricity, natural gas and other energy commodities. With 8,000 employees worldwide, Mirant has extensive operations in North America, Europe and Asia, and owns or controls more than 20,000 MW of electric generation capacity around the world, with another 9,000 MW under development. Mirant also controls an extensive natural gas asset base in North America, including transportation, storage and access to approximately 3.7 Bcf/d.
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KeySpan Locks Up Two Northeast Distributors
KeySpan expanded its presence in the Northeast last week with a$2.5 billion acquisition of Weston, MA’s Eastern Enterprises andManchester, NH’s EnergyNorth. Joined with KeySpan’s Brooklyn UnionLDC, the deal creates the largest natural gas distribution companyin the Northeast and fifth largest in the United States, with 2.4million natural gas customers.
KeySpan Locks Up Two Northeast Distributors
KeySpan expanded its presence in the Northeast this week, with a$2.5 billion acquisition of Weston, MA’s Eastern Enterprises andManchester, NH’s EnergyNorth. The deal creates the largest naturalgas distribution company in the Northeast and fifth largest in theUnited States, with 2.4 million natural gas customers.
AES to Buy Midwest’s IPALCO in $3.04 Billion Deal
AES Corp. has set the table to take another big bite of theMidwest power generation market after agreeing yesterday to buyIPALCO Enterprises Inc. of Indiana for $3.04 billion in stock andassumed debt. The Arlington, VA, power plant developer, whichexpects to close the sale early in 2001, plans to build additionalfacilities in IPALCO’s Indiana territory and eventually beginselling electricity in the growing Chicago marketplace.
Industry Briefs
Excelergy, a software solutions company that is currentlyinvolved in projects with Altra, Southern California Gas Co. andEastern Enterprises, announced yesterday that it plans to gopublic. The Boston-based company filed its registration statementwith the SEC last week. All of the company’s shares are beingtendered for sale, Excelergy said. It intends to use the netproceeds for general corporate purposes including working capitaland potential acquisitions. The company specializes in billing andcustomer information software applications. Current products on themarket include the ABP 3000 customer relationship management andbilling software, the eXACT family of business-to-businesstransaction management solutions and the e-Choice NetInternet-based consumer choice solution. When available, copies ofthe preliminary prospectus may be obtained by the IPO’sunderwriter, Deutsche Banc Alex. Brown.
Third CA Merchant Power Plant Approved
California regulators gave San Jose, CA-based Calpine Corp. andits partner, San Francisco-based Bechtel Enterprises, the okay tobuild a $450 million, 880 MW natural gas-fired power plant, theDelta Energy Center, near the Dow Chemical facility in Pittsburg,CA, an industrial town in the East San Francisco Bay area.Construction is expected to get under way this summer, bringing tothree the number of merchant plants approved by Californiaauthorities, all involving Calpine.
El Paso Managing Assets for Boston Gas
El Paso Merchant Energy Co. made a three-year asset managementagreement with Boston Gas Co., a subsidiary of Eastern Enterpriseseffective Nov. 1, 1999. El Paso will provide gas supply managementto Boston Gas and affiliated LDCs Colonial Gas Co. and Essex GasCo. Service includes arranging gas supply, managing interstatetransportation, and optimizing underground storage. Massachusetts’Department of Telecommunications and Energy approved the deal Oct.18.
Sempra Cuts Jobs After Post-Merger Period Ends
San Diego-based Sempra Energy, the creation of a merger betweenPacific Enterprises and Enova in mid-1998, has announced avoluntary job cut plan seeking a net reduction of about 275positions, or about 2.5% of its overall work force. The majority ofthe job eliminations will be rolled out in January and will targetmanagement and administrative support jobs at Sempra’s corporateheadquarters and in its two California utilities, SouthernCalifornia Gas and San Diego Gas and Electric.
Sempra Cuts Jobs After Post-Merger Period Ends
San Diego-based Sempra Energy, the creation of a merger betweenPacific Enterprises and Enova in mid-1998, has announced avoluntary job cut plan seeking a net reduction of about 275positions, or about 2.5% of its overall work force. The majority ofthe job eliminations will be rolled out in January focusing onmanagement and administrative support jobs at Sempra’s corporateheadquarters and in its two California utilities, SouthernCalifornia Gas and San Diego Gas and Electric.
Southern Union, PNT Merger Completed
Southern Union has completed its merger with PennsylvaniaEnterprises. “The prompt completion of this merger is a vote ofconfidence by our regulators and shareholders, as well as thefinancial community,” said Southern Union President Peter H.Kelley. PEI shareholders will receive 1.59 shares of Southern Unioncommon stock and $3 in cash for each share of PEI common stock.Southern Union also announced a stock repurchase program not toexceed $40 million. It is issuing 17 million shares of common stockand is paying $32 million in cash in connection with thistransaction. In addition, on Oct. 5 Southern Union announced amerger agreement with Fall River Gas, a gas distributor serving48,000 customers in southeastern Massachusetts. The transaction,valued at $75 million.
