No change seen in TEP staffing, operations after shareholders OK acquisition of parent UNS

2014-03-27T00:00:00Z No change seen in TEP staffing, operations after shareholders OK acquisition of parent UNSArizona Daily Star Arizona Daily Star
March 27, 2014 12:00 am  • 

Shareholders of UNS Energy Corp. voted Wednesday to approve the proposed $4.3 billion buyout of the company by Canadian utility giant Fortis Inc.

The votes were counted at a special shareholders’ meeting at the downtown headquarters of UNS Energy, the parent of Tucson Electric Power Co. About 97 percent of the ballots cast supported the company’s acquisition by Fortis, the largest investor-owned gas and electric utility in Canada, UNS said in a news release.

The merger agreement calls for Fortis to acquire all of the outstanding common stock of UNS Energy for $60.25 per share in cash. The $4.3 billion transaction, which includes the assumption of about $1.8 billion in debt, would provide additional capital and new resources for UNS and its subsidiaries, the company said.

Both companies will remain headquartered in Tucson under local control with current management and staffing levels and no planned changes to existing operations or rates, UNS says.

The merger is subject to the approval of regulators, including the Arizona Corporation Commission and the Federal Energy Regulatory Commission, as well as federal antitrust clearance and customary closing conditions. UNS Energy expects the deal to be finalized by the end of 2014.

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