Alexa
  • Directory of Taiwan

US utility to be bought by Canada's Gaz Metro

US utility to be bought by Canada's Gaz Metro

Vermont's largest electric utility, the Central Vermont Public Service Corp., has agreed to be sold to Gaz Metro Partnership of Montreal for about $472.4 million.
The deal, if approved by shareholders and regulators, clears the way to combine CVPS with Green Mountain Power, Vermont's second largest electric utility.
CVPS announced Tuesday that CVPS shareholders are being offered $35.25 a share in cash, a 45 percent premium over the closing price prior to an agreement the utility had reached with another Canadian utility, Fortis Inc.
CVPS says it has terminated its deal with Fortis which offered $35.10 a share.
Gaz Metro, which owns GMP, offered to buy CVPS last month after CVPS had announced a deal with Fortis.
CVPS says the new agreement will result in $144 million in savings to customers over 10 years.


Updated : 2021-05-06 08:26 GMT+08:00