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FERC clears Noverco's acquisition of Valener

Noverco Inc. received the approval of the Federal Energy Regulatory Commission on May 31 to acquire all issued and outstanding common and preferred shares of Valener Inc. in a take-private transaction valued at C$1.2 billion, including the assumption of existing debt.

Under the deal first announced March 27, Noverco will buy Valener's common shares for C$26 per share and its preferred shares for C$25 per share, plus accrued and unpaid dividends. The parties intend to close the transaction early this summer.

Noverco indirectly owns a 71% equity interest in Green Mountain Power Corp., which provides retail electric service to customers in Vermont. Valener indirectly owns the remaining 29% equity interest in Green Mountain Power.

At closing, Green Mountain Power will become an indirect, wholly owned subsidiary of Noverco. Also as a result of the deal, Noverco will increase its indirect equity interest in Vermont Electric Power Co. Inc., Vermont Transco LLC and Vermont Electric Transmission Co., each of which is a public utility affiliate of Green Mountain Power. (FERC docket EC19-78)