Deals
Fortis $2.5 Billion Purchase of UNS Extends U.S. Push
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Fortis Inc.’s purchase of Arizona-based UNS Energy Corp. for $2.5 billion in cash extends a push by Canada’s largest investor-owned natural gas and electric utility into markets with more growth prospects.
Fortis will pay $60.25 a share and assume about $1.8 billion in debt, the St. John’s, Newfoundland and Labrador-based company said in a statement yesterday. The price is 31 percent more than UNS’s $45.84 closing price yesterday.