National Grid Transco Plc

National Grid Transco Plc is an international energy delivery business whose principal activities are in the regulated electricity and gas industries.

National Grid Transco are the largest investor-owned utility in the UK, they own and operate the high-voltage electricity transmission network in England and Wales, and Britain's natural gas transportation system. National Grid Transco are one of the top ten electricity companies in the US, with the largest electricity transmission and distribution network in the New England/New York region, and also operate a gas distribution network in New York.

Other electricity interests include interconnectors in the UK, US and Australia, and joint venture transmission networks in Argentina and Zambia.

National Grid Transco have transferred their network skills to other markets with interests including wholly-owned infrastructure and energy-related businesses in the UK and US.

On 22nd April 2002, the directors of National Grid and Lattice announced that they had unanimously agreed the terms of a recommended merger of equals to create a leading international energy delivery company. Upon completion of the merger, National Grid, which is the holding company of the merged Group, was renamed National Grid Transco.

Prior to the merger Lattice was the ultimate holding company of Transco, the owner operator and developer of the substantial majority of Britain's natural gas transportation system.

The terms of the merger were based on the relative equity market capitalisations of the two companies in the period immediately preceding the announcement of the merger. Under the terms of the merger, National Grid shareholders retained their shares in National Grid and Lattice shareholders received 0.375 of a new National Grid Transco share for each Lattice share they held.

Upon completion of the merger, former National Grid shareholders held approximately 57.3 per cent and former Lattice shareholders held approximately 42.7 per cent of the issued share capital of National Grid Transco.

The merger was implemented by way of a scheme of arrangement between Lattice and its shareholders under section 425 of the Companies Act and completed on 21 October 2002.

Source www.ngtgroup.com

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