White & Case Helps Fortis In $1.5B CH Energy Buy

Law360, New York (February 21, 2012, 12:24 PM EST) -- Canadian utility Fortis Inc. will purchase New York-based energy distributor CH Energy Group Inc. for $1.5 billion in cash as it wades into the U.S.-regulated market, Fortis said Tuesday.

Fortis, Canada’s largest investor-owned distribution utility, will assume $500 million in debt from CH Energy as part of the $65 per-share acquisition. The deal is expected to close within a year, Fortis said.

Poughkeepsie, N.Y.-based CH Energy owns Central Hudson Gas & Electric Corp., a regulated transmission and distribution utility with about 300,000 electric and 75,000 natural...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.