FERC approves Fortis purchase of UNS Energy Corp.
The Federal Energy Regulatory Commission approved the proposed acquisition of UNS Energy Corp. by a unit of Fortis
UNS Energy shareholders approved the acquisition on March 26, 2014. The transaction remains subject to the approval of the Arizona Corporation Commission; review by the Committee on Foreign Investment in the U.S.; the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; and the satisfaction of customary closing conditions. UNS Energy anticipates the transaction will be finalized by the end of 2014.
UNS Energy is a Tucson, Arizona-based company with consolidated assets of about $4 billion. UNS Energy unit Tucson Electric Power serves about 413,000 customers in southern Arizona. UNS Energy unit UniSource Energy Services provides natural gas and electric service for about 243,000 customers in northern and southern Arizona. UNS Energy shares are listed on the New York Stock Exchange and trade under the symbol UNS.
Fortis is an investor-owned gas and electric distribution utility in Canada with total assets of about $18 billion and fiscal 2013 revenue exceeding $4 billion. Its regulated utilities account for 90 percent of total assets and serve more than 2.4 million customers across Canada and in New York State and the Caribbean. Fortis owns non-regulated hydroelectric generation assets in Canada, Belize and Upstate New York. The corporation's non-utility investment is comprised of hotels and commercial real estate in Canada.