ST. JOHN'S, NEWFOUNDLAND AND LABRADOR - Fortis Inc. ("Fortis" or the "Corporation") (TSX:FTS) announces that the recent recommended opinion and order (the "Recommended Order") of the administrative law judge assigned by the Arizona Corporation Commission (the "ACC") to review the Corporation's proposed acquisition of UNS Energy Corporation ("UNS Energy") (the "Acquisition") has determined that the Acquisition is in the public interest and recommends approval of the Acquisition by the ACC, as conditioned by the May 16, 2014 Settlement Agreement. The Recommended Order is available on the ACC's website at www.azcc.gov (Docket Numbers E-04230A-14-0011 and E-01933A-14-0011).
Consideration of the Recommended Order has tentatively been scheduled for the ACC's Open Meeting to be held on August 12-13, 2014 (the "August Open Meeting"). The Recommended Order will be considered by the ACC in determining whether to approve the Acquisition. If the transaction is approved by the ACC at its August Open Meeting, the Acquisition is expected to close by the end of August 2014.
The Acquisition was announced in December 2013. UNS Energy shareholders approved the Acquisition in March 2014. All required regulatory approvals by U.S. federal agencies have also been received.
About Fortis
Fortis is the largest investor-owned electric and gas distribution utility in Canada, with total assets of approximately $18.6 billion and fiscal 2013 revenue exceeding $4 billion. Its regulated utilities account for approximately 90% of total assets and serve approximately 2.5 million customers across Canada and in New York State and the Caribbean. Fortis owns non-regulated hydroelectric generation assets in Canada, Belize and Upstate New York. The Corporation's non-regulated investment is comprised of hotels and commercial real estate in Canada. Additional information can be accessed at www.fortisinc.com or under the Corporation's issuer profile at www.sedar.com.
Fortis includes forward-looking information in this press release within the meaning of applicable securities laws in Canada ("forward-looking information"). The purpose of the forward-looking information is to provide management's expectations regarding the Acquisition and the expected timing and benefits thereof, the Corporation's future growth, results of operations, performance, business prospects and opportunities, and it may not be appropriate for other purposes. All forward-looking information is given pursuant to the safe harbour provisions of applicable Canadian securities legislation. The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information reflects management's current beliefs and is based on assumptions developed using information currently available to the Corporation's management. Although Fortis believes that the forward-looking statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties. For additional information on risk factors that have the potential to affect the Corporation, reference should be made to the Corporation's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities and to the heading "Business Risk Management" in the Corporation's annual and quarterly Management Discussion and Analysis. Except as required by law, the Corporation undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.