POUGHKEEPSIE, New York (AP) — Fortis Inc. said Tuesday that it has agreed to buy CH Energy Group Inc. in a cash deal worth just under $1 billion, marking the Canadian utility's entry into the regulated U.S. electric and gas distribution market.
CH Energy is the parent company of Central Hudson Gas & Electric Corp., a regulated transmission and distribution utility that serves about 300,000 electric and 75,000 natural gas customers in New York's Mid-Hudson River Valley.
Under the terms of the agreement, Fortis will pay CH Energy Group shareholders $65 per share, representing an 11 percent premium over the utility company's closing share price Friday.
The news sent CH …
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