M&A Deal Summary

KeySpan Acquires Algonquin LNG

On December 13, 2002, KeySpan acquired energy services and equipment company Algonquin LNG from Duke Energy for 28M USD

Acquisition Highlights
  • This is KeySpan’s 1st transaction in the Energy Services and Equipment sector.
  • This is KeySpan’s largest (disclosed) transaction.
  • This is KeySpan’s 1st transaction in the United States.
  • This is KeySpan’s 1st transaction in Rhode Island.

M&A Deal Summary
Date 2002-12-13
Target Algonquin LNG
Sector Energy Services and Equipment
Buyer(s) KeySpan
Sellers(s) Duke Energy
Deal Type Divestiture
Deal Value 28M USD

Target

Algonquin LNG

Providence, Rhode Island, United States
Algonquin LNG, LP is the owner and operator of a 600,000 barrel FERC-regulated liquefied natural gas (LNG) storage and receiving facility in Providence, Rhode Island

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Buyer(S) 1

Buyer

KeySpan

Brooklyn, New York, United States
Category Company
Sector Oil/Gas Exploration
DESCRIPTION

KeySpan is the largest distributor of natural gas in the Northeast and No. 5 in the USA, with utilities serving 2.6 million customers in New York, Massachusetts and New Hampshire. It's also New York's top electricity generator, supplying power to 1.1 million customers of Long Island Power Authority.

DEAL STATS #
Overall 1 of 1
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 1
State (Rhode Island) 1 of 1
Country (United States) 1 of 1
Year (2002) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

Duke Energy

Charlotte, North Carolina, United States
Category Company
Founded 1904
Sector Energy Services and Equipment
Employees27,859
Revenue 29.1B USD (2023)
DESCRIPTION

Duke Energy is an electric power holding companies in the United States. Its regulated utility operations serve approximately 4 million customers located in five states in the Southeast and Midwest, representing a population of approximately 11 million people. Its commercial power and international business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States. Duke Energy was incorporated in 1904 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 1 of 9
Sector (Energy Services and Equipment) 1 of 4
Type (Divestiture) 1 of 6
State (Rhode Island) 1 of 1
Country (United States) 1 of 7
Year (2002) 1 of 1
Size (of disclosed) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-03-14 Westcoast Energy

Vancouver, United Kingdom

Westcoast Energy Inc. is a major Canadian corporation and a leader in the North American natural gas industry with interests in gas pipelines, processing, storage, distribution, power generation and gas services businesses. The company has assets of approximately $8 billion.

Buy $8.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-03 Cinergy

Cincinnati, Ohio, United States

Cinergy has a balanced, integrated portfolio consisting of two core businesses: regulated operations and commercial businesses. Cinergy’s integrated businesses make it a Midwest leader in providing both low-cost generation and reliable electric and gas service.

Buy $9.0B
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