HARTFORD, Conn. (AP) - Massachusetts regulators have approved Hartford, Conn.-based Northeast Utilities' $5 billion purchase of a Boston-based energy company, clearing the way for the formation of one of the biggest U.S. utility companies.
The Massachusetts Department of Public Utilities OK'd the deal with NStar on Wednesday. Connecticut regulators approved the deal on Monday.
NStar chairman Thomas J. May says Northeast Utilities' investments in transmission and NStar's balance sheet will lead to "an impressive growth opportunity for the combined company."
In Connecticut, Northeast Utilities agreed to a rate credit for customers, a rate freeze for distribution costs, $300 million for system improvements and other demands by the state.
Northeast Utilities has said the deal is expected to close by April 10.