KeySpan Corporation expects to completely exit its ownership interest in its affiliate company, The Houston Exploration Company. KeySpan has agreed to sell its remaining ownership interest of approximately 6.6 million shares of common stock in Houston Exploration through Morgan Stanley at a price to the public of $56.25 per share. The sale will generate proceeds to KeySpan of approximately $369 million. Following this transaction, KeySpan will no longer have any ownership interest in Houston Exploration.
Morgan Stanley will be the sole underwriter for this transaction.