According to The Wall Street Journal, Fortis said it will offer CH Energy shareholders $65 a share and assume about $500 million in debt. The deal is expected to close by next year, increasing Fortis’ assets by 16 percent.
CH Energy's main business is Central Hudson Gas & Electric Corp., a transmission-and-distribution utility serving about 300,000 electric and 75,000 natural-gas customers in New York state.
Fortis said it expects to use its multiyear credit facility to finance the purchase in the short term, the article said.
Read more mergers and acquisitions news