Gaz Metro completes business negotiation deal
Gaz Metro has completed the acquisition of Central Vermont Public Service Corporation.
A deal has been agreed that will see Gaz Metro acquire Central
Vermont Public Service Corporation (CVPS).
In order to complete the all-cash transaction - which will see
shareholders offered $35.25 (£22) per common share - sales
negotiation training may have been required.
It has been estimated that customers can expect to save $144
million in the next ten years.
Green Mountain Power Corporation (GMP) - a subsidiary of Gaz
Metro - president and chief executive officer Mary Powell and CVPS
president Larry Reilly said in a joint statement that the agreement
will bring about a "stronger, more efficient enterprise".
"Our combined resources will allow us to continue to provide
competitively priced power," they added.
With the business negotiations complete, consumers can now look
forward to benefiting from reduced prices.
The offer from Gaz Metro was deemed to be better than another
received from Fortis and so GMP and CVPS will be merged.
Posted by Edel Quinn