Loeb & Loeb LLP, along with co-counsel Sidley Austin LLP, is representing Central Vermont Public Service (CPVS), Vermont’s largest public utility company, in its announced sale to Canadian power company Fortis Incorporated in a transaction valued at $700 million. The purchase price includes the assumption of approximately $230 million in debt.
Under the terms of the deal, CPVS will remain as a stand-alone autonomous company within the Fortis model, with its own board of directors and its own local management team, which will remain headquartered in Rutland, Vermont. The transaction is expected to be completed in approximately six to twelve months.
The Loeb & Loeb attorneys handling this matter for CPVS are partners Frank Lee and David Fischer and Senior Counsel Ronelle Porter.