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Stock Market & Financial Investment News

News Breaks
June 13, 2014
15:37 EDTUNSUNS Energy, Fortis announce early termination of HSR waiting period
Fortis and UNS Energy announced the receipt of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the previously announced acquisition of UNS Energy by Fortis. Termination of the waiting period under the HSR Act satisfies one of the last remaining conditions necessary for consummation of the transaction. The transaction received UNS Energy shareholder approval in March and approval from the Federal Energy Regulatory Commission and the Committee on Foreign Investment in the U.S. in April and May, respectively. The transaction remains subject to review by the Arizona Corporation Commission and the satisfaction of other customary closing conditions.
News For UNS From The Last 14 Days
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August 15, 2014
11:49 EDTUNSUNS Energy announces completion of acquisition by Fortis
Fortis completed its acquisition of UNS Energy. UNS Energy’s stock will not trade on the New York Stock Exchange after today. As previously announced, UNS Energy’s Board of Directors declared a dividend subject to pro rata adjustment based on the closing date of the company’s acquisition by Fortis. Now that the acquisition is complete, the dividend amount is determined to be 36.923c per share, which will be paid to shareholders of record as of August 15 and payable as soon as practical thereafter.
August 13, 2014
17:20 EDTUNSProvidence Service to replace UNS Energy in S&P 600 as of 8/15 close
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August 12, 2014
15:32 EDTUNSACC approves Fortis acquisition of UNS Energy
The Arizona Corporation Commission issued its final written approval of the acquisition of UNS Energy by Fortis, Canada’s largest investor-owned electric and gas distribution utility holding company. By a unanimous vote, the ACC concluded the acquisition will serve the public interest by generating benefits for UNS Energy subsidiaries Tucson Electric Power and UniSource Energy Services and their customers. Both companies will have stronger balance sheets and improved access to capital, while customers will receive bill credits totaling $30M over five years under terms of a settlement approved by the ACC. Under terms of the settlement approved by the ACC, TEP and UES will remain headquartered in Tucson under local control with current management and staffing levels. The settlement includes provisions intended to protect each regulated utility and its customers, including a requirement that UNS Energy be overseen by an independent board of directors, a majority of whom are Arizona residents. Once the transaction is completed, TEP and UES will proceed with plans to apply “acquisition credits” to customers’ bills from October through March for the next five years. The resulting savings will range from about $1 per month for residential customers to $200 per month for the largest commercial and industrial customers. Additional first-year savings will be realized through temporary reductions in usage-based charges from October 2014 through March 2015; those savings will vary with consumption.

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