Fortis Acquisition of UNS Energy Approved
Fortis Inc. and UNS Energy Corporation announced today the issuance of the final written approval by the Arizona Corporation Commission of the Corporation's agreement to acquire UNS Energy. As a result, all conditions precedent to completing the Acquisition have been fulfilled other than those which by their nature cannot be satisfied until the closing date, which is expected to occur upon completion of the required documentation. Fortis will issue shortly a final instalment notice notifying holders of its 4% convertible unsecured subordinated debentures represented by instalment receipts of the date on which payment of the final instalment is due, which date shall be not less than 15 days nor more than 90 days thereafter.
Fortis Earns $47 mi in the 2Q 2014
Fortis Inc. achieved second quarter net earnings attributable to common equity shareholders of $47 million, or $0.22 per common share, compared to $54 million, or $0.28 per common share, for the second quarter of 2013. For the first half of 2014, net earnings attributable to common equity shareholders were $190 million, or $0.89 per common share, compared to $205 million, or $1.06 per common share, for the first half of 2013. Earnings for the second quarter were impacted by a number of significant items. Interest expense of $13 million after tax, or $0.06 per common share, associated with convertible debentures issued to finance a portion of the pending acquisition of UNS Energy Corporation ("UNS Energy") was recognized in the second quarter of 2014.
