Gaz Metro to Acquire CVPS (CV) for $35.25/Share
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The leaders of Central Vermont Public Service Corporation (NYSE: CV) (CVPS) and Gaz Metro Limited Partnership today announced that a definitive agreement for the sale of CVPS has been signed.
This clears the path for the combination of CVPS and Green Mountain Power Corporation (GMP), a subsidiary of Gaz Metro, into one stronger utility for Vermonters. The new agreement provides significant benefits for customers, community, employees and shareholders, including $144 million in customer savings over 10 years, a Vermont ownership interest in VELCO, and the establishment of the Headquarters for Operations and Energy Innovation in Rutland.
The all-cash transaction will provide CVPS shareholders $35.25 per common share.
BMO Capital Markets acted as Gaz Metro's financial advisor. Legal counsel to Gaz Metro was provided by Osler, Hoskin & Harcourt LLP. Lazard Ltd. advised CVPS. Legal counsel to CVPS was provided by Sidley Austin LLP, Loeb & Loeb LLP, and Downs Rachlin Martin PLLC.
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This clears the path for the combination of CVPS and Green Mountain Power Corporation (GMP), a subsidiary of Gaz Metro, into one stronger utility for Vermonters. The new agreement provides significant benefits for customers, community, employees and shareholders, including $144 million in customer savings over 10 years, a Vermont ownership interest in VELCO, and the establishment of the Headquarters for Operations and Energy Innovation in Rutland.
The all-cash transaction will provide CVPS shareholders $35.25 per common share.
BMO Capital Markets acted as Gaz Metro's financial advisor. Legal counsel to Gaz Metro was provided by Osler, Hoskin & Harcourt LLP. Lazard Ltd. advised CVPS. Legal counsel to CVPS was provided by Sidley Austin LLP, Loeb & Loeb LLP, and Downs Rachlin Martin PLLC.
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