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The Gap Partnership

Gaz Metro completes business negotiation deal

Gaz Metro has completed the acquisition of Central Vermont Public Service Corporation.

13 July 2011

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

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