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Business Wire
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Business New Haven
3/22/1999
By: BNH
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Anteon To Buy Analysis
& Technology
NORTH STONINGTON - Analysis & Technology Inc. (NASDAQ: AATI) announced that privately held Anteon Corp. of Fairfax, Va. will purchase all of the company's outstanding stock (approximately four million shares) for $26 per share. Analysis & Technology sells technology software and management systems. The merger is expected to be completed by June 30. At that time the company will become a subsidiary of Anteon.
EG&G To Buy
Perkin-Elmer Division
BOSTON - EG&G Inc. (NYSE: EGG) announced that it will buy Perkin-Elmer Corp.'s (NYSE: PKN) analytical instruments division for $425 million. The division had sales of $569 million for the 1998 fiscal year. The directors of each company have approved the deal although the transaction is pending regulatory approval. EG&G expects the deal to be consummated during the second quarter.
UI Sale of Power Plants Approved
NEW BRITAIN - The sale of two power plants owned by United Illuminating Co. (NYSE: UIL) has been approved by Connecticut regulators. A unit of Wisconsin Energy Corp. (NYSE:WEC), Wisvest-Connecticut, LLC, will buy the New Haven Harbor Station and the Bridgeport Harbor Station for $272 million. Of the proceeds from the sale, $70.7 million is earmarked for income taxes connected to the sale and $4.6 million for transaction fees, with the remainder to be ruled upon later in the year by the state's Department of Public Utility Control (DPUC). The transaction marks the exit of United Illuminating from the energy-generation business.
Aetna To offer
USAccess in Georgia
ATLANTA - The state's Department of Insurance has approved Aetna Inc.'s (NYSE: AET) Aetna U.S. Healthcare's plan to market its USAccess in Georgia. This plan allows the patient to use three levels of benefits: in-network care, referral coverage and self-referral. Also, patients may choose participating or non-participating hospitals and physicians. The co-payments and/or deductibles and out-of pocket expenses vary with each level. Aetna is already marketing USAcess in several states including Connecticut, Rhode Island and Massachusetts.
Investigation of BankBoston Closes
BOSTON - Massachusetts banking regulators and BankBoston (NYSE: BKB) have reached an agreement regarding its mutual fund department's transfers of customer accounts from no-load to fee-based services. The investigation of the department began last fall. The agreement includes a plan to have each mutual fund representative analyze customers' accounts and then notify each customer of the switching. The bank has agreed to pay $22,088 for the cost of the investigation and will bring in a consultant twice a year for two years to review procedures.
IMS Health Signs Contract With Wyeth-Ayerst
NEW YORK - IMS Health Inc. (NYSE: RX) has announced that it has signed a multiyear agreement with American Home Products Corp.'s (NYSE: AHP) Wyeth-Ayerst Laboratories whereby IMS will provide access to Wyeth information on market and prescription research and pharmaceutical sales. The information will assist Wyeth in its business applications for market research and sales management.
Allegations Denied by UTC
HARTFORD - United Technologies Corp. (NYSE: UTX) denied allegations regarding possible overcharges by its Pratt & Whitney unit for jet engines sold to the U.S. Air Force during the 1980s. The U.S. Justice Department filed a lawsuit against Pratt & Whitney and hopes to recover overcharges of $75 million in addition to other penalties.
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