PSB approves GMP and CVPS merger
The merger between CVPS and GMP has been approved by Vermont's PSB.
Merger and acquisition advisors could have helped push through the tie-up between Central Vermont Public Service (CVPS) and Green Mountain Power (GMP), as the deal has been approved by the Vermont Public Service Board (PSB).
This is an important part of the combination of the two brands, which will result in consumers receiving millions of dollars of savings, with PSB claiming joining the firms together would benefit the companies' clients and the public.
"The proposed transaction represents an historic opportunity to achieve significant, immediate and enduring benefits for all retail customers of CVPS and GMP, Vermont's two largest electric utilities," the PSB declared following extensive deliberations and testimony lasting over nine months.
It claimed unique benefits could only be realised if the two organisations merged, with potential savings among residents of Vermont hitting a total of C$177 million (£110.39 million).
Chairman of the CVPS board of directors Bill Sayre recently said his organisation's primary legal responsibility is to ensure shareholders receive the best possible deal, although leaders of the company also aim to ensure any transaction will result in a good outcome for communities, employees and customers.
Posted by David Gleck
Source: GMP press release, June 15th