Vermont Regulators Approve Acquisition of Green Mountain Power by Northern New England Energy Corporation, a Subsidiary of Gaz M
27 Mars 2007 - 5:51PM
Business Wire
The Vermont Public Service Board (PSB) Monday issued its approval
of Green Mountain Power Corporation�s (NYSE: GMP) proposed
agreement and plan of merger with Northern New England Energy
Corporation (NNEEC) and its wholly-owned subsidiary Northstars
Merger Subsidiary Corporation. The decision is the final regulatory
approval necessary for the transaction, which is expected to close
in the second quarter of 2007. �We are delighted at the prospect of
welcoming Green Mountain Power into our group of energy companies,
which includes Vermont Gas Systems, and we look forward to
completing the acquisition,� said Sophie Brochu, president and
chief executive officer of Gaz M�tro, parent company of NNEEC.
�Green Mountain Power has proven itself to be well-managed,
financially strong, committed to environmental responsibility and
energy efficiency, and has a collaborative relationship with
regulators and a dedication to transparency in its operations.
These characteristics are consistent with the values of Gaz M�tro,
and so we believe that the transaction will be a good fit and
beneficial for both companies and customers,� she said. In its
unanimous approval order, the PSB said it concluded the transaction
�will promote the general good of the State.� It also stated that
�NNEEC also has a proven record of technical, financial and
managerial competency through its twenty-year ownership of Vermont
Gas Systems, Inc. NNEEC and its parent, Gaz M�tro, have a
well-documented and an established track record for operating
regulated and unregulated businesses in Vermont.� Chris Dutton,
president and chief executive officer of Green Mountain Power,
said, �We expect that this transaction will have many significant
benefits to our customers and the entire state of Vermont. Most
importantly, Green Mountain Power will be in a better financial
position when we negotiate new power contracts. In addition, we
have created the Green Mountain Power Efficiency Fund to provide
more than $9 million in benefits for Green Mountain Power customers
by investing in demand side management and other innovative
efficiency programs.� On June 22, 2006, Green Mountain Power
Corporation and Northern New England Energy Corporation announced
their merger agreement under which Green Mountain Power will become
a wholly-owned subsidiary of NNEEC in a cash transaction valued at
approximately $187 million. Green Mountain Power shareholders
overwhelmingly voted in favor of the transaction at a special
meeting on October 31, 2006. After the completion of the
transaction, Green Mountain Power will continue to be managed by
its current leadership team and the Company will operate out of its
existing offices in Vermont. Employees will be retained and the
current labor contract with IBEW Local 300 will remain in place.
The Company will operate under the jurisdiction of state and
federal regulators, as it has for more than one hundred years.
NNEEC is a Vermont corporation and a wholly-owned subsidiary of Gaz
M�tro Limited Partnership (TSX-GZM.UN), a leading Qu�bec energy
company with a long history of investment in Vermont. Gaz M�tro is
a major distributor of natural gas in Qu�bec and the northeastern
United States. With more than $2.7 billion of assets and more than
1,500 employees in Qu�bec, Gaz M�tro serves about 164,000 customers
through an underground pipeline network of almost 10,000 km. Gaz
M�tro is also the parent company of Vermont Gas Systems, which has
115 Vermont-based employees and serves about 40,000 customers. Gaz
M�tro also has an indirect significant ownership interest in a
natural gas transportation company, Portland Natural Gas
Transmission System (PNGTS), and owns important interest in a
natural gas transportation enterprise (Trans Qu�bec &
Maritimes) and in an enterprise specializing in underground natural
gas storage facilities (Intragaz). In addition, the company
operates businesses providing district heating and urban water
rehabilitation services in Qu�bec. Green Mountain Power is an
electric utility operating company that transmits, distributes and
sells electricity and utility construction services in the State of
Vermont in a service territory with approximately one quarter of
Vermont�s population. It serves approximately 90,000 customers.
Forward-looking Statements This news release contains forward
looking statements about Green Mountain Power. Statements that are
not historical or current facts, including statements about beliefs
and expectations are forward looking statements. These statements
often include the words �may,� �could,� �would,� �should,�
�believes,� �expects,� �anticipates,� �estimates,� �intends,�
�plans,� �targets,� �potentially,� �probably,� �projects,�
�outlook,� or similar expressions. These forward-looking statements
cover, among other things, anticipated future plans and prospects
of Green Mountain Power. Forward-looking statements speak only as
of the date they are made, and Green Mountain Power undertakes no
obligation to update them in light of new information or future
events. Forward-looking statements involve inherent risks and
uncertainties, and many factors could cause actual results to
differ materially from those anticipated, including those described
in the Annual Report on Form 10-K for the year ended December�31,
2006, of Green Mountain Power, which you should read carefully, as
well as the company�s other filings with the Securities and
Exchange Commission (the �SEC�). The following factors, among
others, could cause actual results to differ materially from the
anticipated results or other expectations expressed in the
forward-looking statement: the businesses of Green Mountain Power
and NNEEC�s subsidiary Northstars Merger Subsidiary Corporation may
not be combined successfully, or such combination may take longer,
be more difficult, time-consuming or costly to accomplish than
expected.
Green MT Power (NYSE:GMP)
Graphique Historique de l'Action
De Mai 2024 à Mai 2024
Green MT Power (NYSE:GMP)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024