Canadian Utility Giant Fortis To Acquire Central Vermont Power

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Fortis Inc., an investor-owned Canadian distribution utility that serves over 2 million electricity and gas customers, has entered into a definitive agreement to acquire Central Vermont Power (CVPS), Vermont's largest electric utility, for an aggregate purchase price of approximately $700 million, the companies have announced.

Under the all-cash transaction, Fortis will acquire all of the outstanding common shares of CVPS, providing CVPS shareholders $35.10 per share, which the companies say represents a 44% premium over the CVPS common-share closing price of $24.32 per share on May 24.

There are almost 7,000 employees throughout the Fortis group of companies, which operate in five Canadian provinces (British Columbia, Alberta, Ontario, Price Edward Island and Newfoundland) and three Caribbean countries. CVPS will continue to be managed from the company's headquarters and maintain its presence in Rutland, Vt., and across the state.

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