Fortis sparks $4.3B offer for UNS Energy
Tucson, Ariz., utility UNS Energy Corp. said after the markets closed Wednesday that it agreed to be acquired by Fortis Inc.for $4.3 billion, including debt, allowing the Canadian buyer to expand further into the U.S.
The price includes $2.5 million in cash and $1.8 billion in debt. The $60.25 per share cash price works out to a 31% premium over UNS' closing price Wednesday of $45.84.
Tudor Pickering Holt & Co. Securities Inc. said the deal came in at an 18 price-to-earnings ratio fo...