Fortis gets approval to buy parent company of Central Hudson Gas & Electric

Fortis Inc. was approved by the New York State Public Service Commission to acquire CH Energy Group, the parent company of Central Hudson Gas & Electric Corp. in New York.

Fortis, which is based in Newfoundland, announced in February that it had signed an agreement to acquire CH Energy Group for $65 per share, or a total of $1.5 billion, including $500 million of debt, according to Power Engineering.

Central Hudson is a regulated transmission and distribution utility serving electric and natural gas customers in eight New York counties. All employees of Central Hudson will keep their jobs for at least four years, and the utility will continue to operate as a standalone unit.

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