Montreal, September 30, 2011
– Gaz Métro Limited Partnership ("Gaz Métro") welcomes the decision by the shareholders of Central Vermont Public Service Corporation (NYSE-CV, "CVPS") who accepted, by a very strong majority, the sale of the company to Gaz Métro at a meeting held on Thursday morning. This milestone was one of the essential steps to completing the purchase of CVPS.
"We are very pleased that the CVPS shareholders have clearly approved our purchase proposal. This is an important milestone in the sale process. We are confident of obtaining the additional approvals needed to conclude this acquisition by next spring or summer. The transaction provides benefits for all stakeholders: Vermont customers, CVPS’ shareholders and Gaz Métro’s unitholders," declared Pierre Despars, Executive Vice President, Corporate Affairs and Chief Financial Officer at Gaz Métro.
We remind readers that the agreement, announced on July 12, 2011, provides significant benefits for customers, communities, employees and shareholders, including customer savings in the order of US$144 million over 10 years. CVPS shareholders will receive US$35.25 per common share when the transaction closes.
Earlier this week, CVPS and Gaz Métro received approval from the Federal Trade Commission to proceed with the transaction, which also requires other regulatory approvals, including those of the Federal Energy Regulatory Commission (FERC) and the Vermont Public Service Board. These approvals should be secured by the spring or summer of 2012.
Once the transaction is concluded, CVPS and Green Mountain Power Corporation will combine their activities to form one stronger utility for Vermont residents. The company thus formed will be owned by Northern New England Energy Corporation, a wholly owned subsidiary of Gaz Métro, just like Vermont Gas Systems and Portland Natural Gas Transmission System. Gaz Métro Overview
With over $3.5 billion in assets, Gaz Métro is Quebec’s leading natural gas distributor. Its 10,000-kilometre network serves 300 municipalities. Gaz Métro has operated in this regulated industry since 1957 and is the trusted energy provider to its customers in Quebec and Vermont, who choose natural gas for its competitive price, efficiency, comfort and environmental benefits. Gaz Métro is also present in the electricity distribution market, and is involved in natural gas transportation and storage, the development of projects such as wind power, natural gas as fuel for the transportation industry, and biomethanation. Gaz Métro is committed to the satisfaction of its customers, Partners, and employees and the communities it serves. www.gazmetro.com
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