Fortis To Pay $4.3B To Snap Up Ariz. Utility Co.

Law360, Washington (December 11, 2013, 7:39 PM EST) -- Canadian utility owner Fortis Inc. has agreed to a $4.3 billion deal to purchase Arizona-based utility holding company UNS Energy Corp., the companies announced late Wednesday.

Under the terms of the deal, Fortis will pay about $2.5 billion for all outstanding shares in UNS, at a price of $60.25 per common share, just more than 30 percent above UNS’ Wednesday closing price of $45.84. In addition, Fortis will take on about $1.8 billion in debt from UNS, according to the announcement.

The deal, which is still...
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