U.S. Energy and Cinergy acquire Zapco in $98 million deal

The transaction, valued at approximately $98 million, includes $10 million in U.S. Energy Systems common stock, valued at $6 a share, and $3 million in convertible preferred stock; $12.8 million in cash; and approximately $72 million in assumed subsidiary debt. The merger, which is subject to, among other things, the approval of the shareholders of ZAPCO and U.S. Energy Systems, is expected to close in early 2001.

NEW YORK, Nov 28, 2000 (BUSINESS WIRE) — Fitch has removed the ratings of Dominion Resources Inc (DRI), and its subsidiaries Virginia Electric and Power Company, and Consolidated Natural Gas Company (CNG) from Rating Watch Negative. The Rating Outlook is stable.

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