Fortis is acquiring Central Vermont Public Service (CVPSC) in a deal worth $470 million, The Wall Street Journal reports. Fortis will pay $35.10 per share in cash for each share of the biggest electric utility in Vermont. The deal, which is worth $700 million including debt, will be funded with cash from borrowings under Fortis’ committed term credit facility. Fortis expects the acquisition to grow its total assets by about 7% and be accretive to share earnings in the first full year of ownership.
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