MONTREAL, Sept. 30, 2011 /CNW Telbec/ - Gaz Métro Limited Partnership
("Gaz Métro") welcomes the decision by the shareholders of Central
Vermont Public Service Corporation (NYSE: CV) ("CVPS") who accepted, by
a very strong majority, the sale of the company to Gaz Métro at a
meeting held on Thursday morning. This milestone was one of the
essential steps to completing the purchase of CVPS.
"We are very pleased that the CVPS shareholders have clearly approved
our purchase proposal. This is an important milestone in the sale
process. We are confident of obtaining the additional approvals needed
to conclude this acquisition by next spring or summer. The transaction
provides benefits for all stakeholders: Vermont customers, CVPS'
shareholders and Gaz Métro's unitholders," declared Pierre Despars,
Executive Vice President, Corporate Affairs and Chief Financial Officer
at Gaz Métro.
We remind readers that the agreement, announced on July 12, 2011,
provides significant benefits for customers, communities, employees and
shareholders, including customer savings in the order of US$144 million
over 10 years. CVPS shareholders will receive US$35.25 per common share
when the transaction closes.
Earlier this week, CVPS and Gaz Métro received approval from the Federal
Trade Commission to proceed with the transaction, which also requires
other regulatory approvals, including those of the Federal Energy
Regulatory Commission (FERC) and the Vermont Public Service Board.
These approvals should be secured by the spring or summer of 2012.
Once the transaction is concluded, CVPS and Green Mountain Power
Corporation will combine their activities to form one stronger utility
for Vermont residents. The company thus formed will be owned by
Northern New England Energy Corporation, a wholly owned subsidiary of
Gaz Métro, just like Vermont Gas Systems and Portland Natural Gas
Gaz Métro Overview
With over $3.5 billion in assets, Gaz Métro is Quebec's leading natural
gas distributor. Its 10,000-kilometre network serves 300
municipalities. Gaz Métro has operated in this regulated industry since
1957 and is the trusted energy provider to its customers in Quebec and
Vermont, who choose natural gas for its competitive price, efficiency,
comfort and environmental benefits. Gaz Métro is also present in the
electricity distribution market, and is involved in natural gas
transportation and storage, the development of projects such as wind
power, natural gas as fuel for the transportation industry, and
biomethanation. Gaz Métro is committed to the satisfaction of its
customers, Partners, and employees and the communities it serves. www.gazmetro.com
SOURCE GAZ METRO
For further information:
| Media |
Media and public relations
Photos, videos (b-roll) and logos are
available in Gaz Métro's Multimedia
| || Investors and analysts |