NY approves sale of Central Hudson utility to Fortis of Canada

June 13 Thu Jun 13, 2013 1:59pm EDT

June 13 (Reuters) - New York utility regulators on Thursday approved Canadian power company Fortis Inc's $1.5 billion agreement to buy CH Energy Group Inc, the parent of New York power company Central Hudson.

Fortis said in a statement it expects to close the acquisition shortly after receipt, review and acceptance of the New York Public Service Commission's official written order.

On Feb. 21, 2012, Fortis and CH Energy announced that Fortis would buy CH Energy for $65 in cash per share. The deal included the assumption of about $500 million of debt, Fortis said.

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