Colchester, VT, Mar. 27, 2007 — The Vermont Public Service Board (PSB) issued its approval of Green Mountain Power Corp.’s proposed agreement and plan of merger with Northern New England Energy Corp. (NNEEC) and its wholly-owned subsidiary Northstars Merger Subsidiary Corp. The decision is the final regulatory approval necessary for the transaction, which is expected to close in the second quarter of 2007.
In its unanimous approval order, the PSB said it concluded the transaction “will promote the general good of the state.”
On June 22, 2006, Green Mountain Power Corp. and Northern New England Energy Corp. announced their merger agreement under which Green Mountain Power will become a wholly-owned subsidiary of NNEEC in a cash transaction valued at approximately $187 million. Green Mountain Power shareholders overwhelmingly voted in favor of the transaction at a special meeting on October 31, 2006.
After the completion of the transaction, Green Mountain Power will continue to be managed by its current leadership team and the company will operate out of its existing offices in Vermont. Employees will be retained and the current labor contract with IBEW Local 300 will remain in place. The company will operate under the jurisdiction of state and federal regulators, as it has for more than one hundred years.
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