NGC buyingDestec Energy
NGC Corp. has signed a merger agreement to acquire Destec Energy Inc., an independent power producer, in a deal valued at $1.27 billion in the aggregate. NGC will sell Destec`s international facilities and operations to AES Corp. for $4.07 million. The deal is expected to close by the end of the second quarter of 1997. More than 80 percent of Destec`s shares are held by Dow Chemical Co., and Dow has agreed to vote for the proposed merger.
Destec operates or has interests in 20 power generation facilities in the United States and five international projects.