© 2013 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
(December 11) – UNS Energy Corporation announced Wednesday that it has approved a $4.3 billion merger agreement with Fortis, Inc., Canada’s largest investor-owned gas and electric distribution utility.
The merger agreement calls for Fortis to acquire all of the outstanding common stock of UNS Energy for $60.25 per share in cash. It also will provide additional capital and new resources for UNS Energy’s subsidiaries, including Tucson Electric Power and UniSource Energy Services. Both companies will remain headquartered in Tucson and will have no planned changes to existing operations or rates.
Baker Botts is representing Tucson, Ariz.-based UNS in the transaction. The lead attorneys, partners Bill Lamb and Michael Didriksen are based in New York, but a handful of the firm’s Houston lawyers are also involved. They are: partners Matt Kuryla and Rob Fowler and associates Brandon Essigman and Zachary Craft. New York associate Brittany Uthoff and Washington, D.C. partner Don Lonczak are also involved.
The Baker Botts team is working closely with UNS Vice President and General Counsel Todd Hixon.
New York-based firm White & Case is representing Fortis in the transaction.
The companies anticipate that the proposed acquisition will be finalized before the end of 2014.
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