Canadian utility company Fortis Inc. (FTS.TO) and CH Energy Group, Inc. (CHG), the parent company of Central Hudson Gas & Electric Corp., said Thursday that the New York State Public Service Commission has voted to approve Fortis' agreement to acquire CH Energy Group.
Closing of the acquisition is expected to occur shortly after receipt, review and acceptance of the official written order of the New York State Public Service Commission.
In February 2012, Fortis agreed to buy CH Energy Group for US$65.00 in cash per share, representing an aggregate purchase price of about US$1.5 billion, including the assumption of about US$500 million of debt at closing.
Central Hudson, the main business of CH Energy Group, is a regulated transmission and distribution utility serving approximately 300,000 electric and 75,000 natural gas customers in eight counties of New York State's Mid-Hudson River Valley. As at December 31, 2012, Central Hudson accounted for about 93% of CH Energy Group's total assets of about US$1.8 billion.
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