Ms. Donna Hynes reports
FORTIS INC. AND UNS ENERGY CORPORATION TRANSACTION APPROVED BY FEDERAL ENERGY REGULATORY COMMISSION
The Federal Energy Regulatory Commission has approved the acquisition of UNS Energy Corp. by Fortis Inc., finding the transaction is consistent with the public interest.
The ruling is the next step toward finalizing the transaction. UNS Energy shareholders approved the acquisition on March 26, 2014. The closing of the acquisition of UNS Energy, which is expected to occur by the end of 2014, is subject to receipt of certain regulatory and government approvals, including approval by the Arizona Corporation Commission; review by the Committee on Foreign Investment in the United States; 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.
On Jan. 24, 2014, Fortis and UNS Energy filed a joint application with the ACC seeking approval of the acquisition. On Jan. 28, 2014, the ACC administrative law judge, assigned to this matter, issued a procedural order adopting the schedule to be followed, including the commencement of an ALJ hearing on June 16, 2014.
About UNS Energy
UNS Energy is a vertically integrated utility services holding company, headquartered in Tucson, Ariz., engaged through three subsidiaries in the regulated electric generation and energy delivery business, primarily in the state of Arizona, serving approximately 656,000 electricity and gas customers.
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