The Federal Energy Regulatory Commission has approved the proposed
acquisition of UNS Energy Corporation (NYSE:UNS) by a subsidiary of
Fortis Inc. (TSX:FTS), finding that the transaction is consistent with
the public interest.
UNS Energy shareholders approved the acquisition on March 26, 2014. The
transaction remains subject to the approval of the Arizona Corporation
Commission; review by the Committee on Foreign Investment in the United
States; the expiration or termination of the applicable waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended; and the satisfaction of customary closing conditions. UNS
Energy anticipates the transaction will be finalized by the end of 2014.
About UNS Energy:
UNS Energy is a Tucson, Arizona-based company with consolidated assets
of approximately $4 billion. UNS Energy subsidiary Tucson Electric Power
serves approximately 413,000 customers in southern Arizona. UNS Energy
subsidiary UniSource Energy Services provides natural gas and electric
service for approximately 243,000 customers in northern and southern
Arizona. UNS Energy shares are listed on the New York Stock Exchange and
trade under the symbol UNS. To learn more, visit www.uns.com.
Additional details about the proposed transaction are available online
at www.uns.com/acquisition/.
About Fortis:
Fortis is the largest investor-owned gas and electric distribution
utility in Canada with total assets of approximately $18 billion and
fiscal 2013 revenue exceeding $4 billion. Its regulated utilities
account for 90% of total assets and serve more than 2.4 million
customers across Canada and in New York State and the Caribbean. Fortis
owns non-regulated hydroelectric generation assets in Canada, Belize and
Upstate New York. The Corporation's non-utility investment is comprised
of hotels and commercial real estate in Canada.
Fortis shares are listed on the Toronto Stock Exchange and trade under
the symbol FTS. Additional information can be accessed at www.fortisinc.com
or www.sedar.com.
Forward-Looking Statements
Statements included in this news release and any documents incorporated
by reference which are not historical in nature are intended to be, and
are hereby identified as, “forward-looking statements” for purposes of
the safe harbor provided by Section 21E of the Exchange Act.
Forward-looking statements may be identified by words including
“anticipates,” “intends,” “estimates,” “believes,” “projects,”
“expects,” “plans,” “assumes,” “seeks,” and similar expressions.
Forward-looking statements including, without limitation, those relating
to UNS Energy’s and its subsidiaries’ future business prospects,
revenues, proceeds, working capital, investment valuations, liquidity,
income, and margins, as well as the timing and consequences of the
Fortis acquisition, are subject to certain risks and uncertainties that
could cause actual results to differ materially from those indicated in
the forward-looking statements, due to several important factors,
including those identified from time-to-time in the forward-looking
statements. Those factors include, but are not limited to: the
possibility that various conditions precedent to the consummation of the
Fortis transaction will not be satisfied or waived; the ability to
obtain regulatory approvals of the Fortis transaction on the timing and
terms thereof; state and federal regulatory and legislative decisions
and actions; regional economic and market conditions which could affect
customer growth and energy usage; weather variations affecting energy
usage; the cost of debt and equity capital and access to capital
markets; the performance of the stock market and changing interest rate
environment, which affect the value of our pension and other retiree
benefit plan assets and the related contribution requirements and
expense; unexpected increases in O&M expense; resolution of pending
litigation matters; changes in accounting standards; changes in critical
accounting estimates; the ongoing restructuring of the electric
industry; changes to long-term contracts; the cost of fuel and power
supplies; cyber attacks or challenges to our information security; and
the performance of TEP's generating plants; and certain presently
unknown or unforeseen factors, including, but not limited to, acts of
terrorism. UNS Energy and its subsidiaries undertake no obligation to
update publicly any forward-looking statements, whether as a result of
new information, future events, or otherwise. Given these uncertainties,
undue reliance should not be placed on the forward-looking statements.
Copyright Business Wire 2014