Canadian company's acquisition of NY utility approved

Newfoundland-based Fortis Inc. (TSX: FTS) was approved by the New York State Public Service Commission to acquire CH Energy Group, the parent company of Central Hudson Gas & Electric Corp.

Fortis in February announced 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.

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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