Fortis Acquires Alberta dn BC Electric Utilities

On May 31, 2004, Fortis Inc., a diversified, international electric utility holding company, completed its purchase of Aquila, Inc.’s Alberta electric distribution utility (now FortisAlberta Inc.) and British Columbia integrated generation, transmission and distribution utility (now FortisBC Inc.) for aggregate consideration of $1.47 billion. The acquisition was financed in part with committed credit facilities totalling $1.25 billion provided to Fortis Inc. by a syndicate of lenders led by The Bank of Nova Scotia.

Fortis Inc. was represented internally by Ronald McCabe, general counsel and corporate secretary, and by Peter Alteen, vice-president of regulatory affairs and general counsel of Newfoundland Power Inc.

In connection with the acquisition, Fortis Inc. was represented in Alberta by Macleod Dixon, with a team that included John Carleton, Alan Harvie, Jack MacGillivray, Bernie Ho, Steve Leitl and Deidre Derworiz; and in British Columbia by Lang Michener, with a team that included Karl Gustafson, Q.C., Sandra Knowler, David Ross, Tony Knight, Karam Bayrakal and Larry Nelson.
In connection with the financing, Fortis Inc. was represented by Davies Ward Phillips & Vineberg’s Carol Pennycook, Arthur Shiff, James Reid, Melanie Koszegi and Donna Aronson. Aubrey Bonnell, Q.C. and Regan O’Dea of Curtis, Dawe, acted as Newfoundland and Labrador counsel to Fortis Inc.

Aquila was represented internally by Les Parrette, senior vice-president, general counsel and corporate secretary, Brogan Sullivan, assistant general counsel, Brad Bacon, senior corporate counsel, and Chris Courts, corporate counsel. Aquila was represented in Alberta by Burnet, Duckworth & Palmer, with a team that included Bill Winters, Alicia Quesnel, Robert Betteridge and Amanda Harris; and in British Columbia by Farris, with a team that included Dean O’Leary, George Macintosh, Q.C., David Selley, Lisa Skakun, Rupert Legge and Geoffrey Lewis. Aquila was also represented by Maurice Chiasson and Rodney Gould of Stewart McKelvey Stirling Scales.

The banking syndicate was represented by Fasken Martineau DuMoulin, with a team that included John Torrey and David Johnson.