Tag Archives: acquisition

energy.bill

Fortis boosts power with Acquisition of UNS Energy

Fortis Inc. completed its acquisition of UNS Energy Corporation, adding UNS Energy subsidiaries Tucson Electric Power (TEP) and UniSource Energy Services (UES) to its growing international family of electric and gas utility companies.

TEP and UES will remain headquartered in Tucson under local control with current management and staffing levels and no planned changes to existing operations. Under the terms of a written order issued by the Arizona Corporation Commission (ACC) on Aug. 12, both companies will have enhanced financial strength and other benefits as part of Fortis, while their Arizona customers will receive $30 million in bill credits over the next five years.

“Joining the Fortis family will generate benefits for our company, our customers and the communities we serve,” said David Hutchens, President and CEO of UNS Energy, TEP and UES. “While this transaction opens a new chapter in our company’s history, our story remains the same. We will continue working every day to provide the safe, reliable and affordable service our customers have come to expect.”

With the $4.5 billion acquisition, which includes the assumption of $2 billion in debt, UNS Energy becomes the second largest subsidiary of Fortis and expands that company’s customer base to more than 3 million. Fortis is Canada’s largest investor-owned electric and gas distribution holding company, with regulated utility holdings in Canada, the United States and the Caribbean.

“TEP and UES are well-run companies whose employees are committed to serving their customers and communities,” said Fortis President Barry Perry, who will succeed H. Stanley Marshall as the company’s CEO effective December 31, 2014. “We welcome both companies to the Fortis team and look forward to supporting their continued success in serving their customers’ energy needs.”

Local, Independent Board Majority

The UNS Energy Board of Directors was reconstituted today as a result of the acquisition. In addition to Perry and John C. Walker, Fortis’ Executive Vice President of Western Canadian Operations, the board’s nine members include Hutchens and six other longtime Arizona residents who will continue on as independent directors from the previous UNS Energy Board:

• Lawrence J. Aldrich, Chairman and Executive Director of the Arizona Business Coalition on Health.
• Robert A. Elliott, President and Owner, Elliott Accounting.
• Louise L. Francesconi, former President of Raytheon Missile Systems.
• Ramiro G. Peru, former Executive Vice President and Chief Financial Officer of Phelps Dodge Corporation.
• Gregory A. Pivirotto, former CEO and Director of University Medical Center.
• Joaquin Ruiz, Dean of the University of Arizona College of Science, Executive Dean of the Colleges of Letters, Arts and Sciences.

UNS Energy remains the parent company of TEP and UES and will continue to oversee their local operations. UNS Energy’s stock will not trade on the New York Stock Exchange after today. Shareholders will be notified by transfer agency Computershare with instructions on how to redeem their shares.

Steve Sanghi, president and CEO of Microchip.

Microchip Completes Acquisition of Supertex

Microchip Technology Incorporated and Supertex, Inc. announced that Microchip has completed its previously announced acquisition of Supertex following approval of the transaction by Supertex shareholders at Supertex’s special meeting of shareholders held today.

Approximately 98.4% of the Supertex shares that voted were voted in favor of the merger in which Supertex shareholders will receive $33.00 per share in cash. Overall, approximately 87.7% of the total outstanding Supertex shares were voted. Therefore, approximately 86.43% of the total outstanding Supertex shares were voted in favor of the acquisition transaction.

“We are very pleased to have completed our acquisition of Supertex,” said Steve Sanghi, President and CEO of Microchip. “I welcome the Supertex employees into the Microchip family and look forward to building a combined organization that will bring the capabilities of both organizations to bear in the marketplace.”

As a result of the completion of the transaction, trading in Supertex common stock on the NASDAQ will cease effective after the close of market today.

Microchip will share more information regarding the Supertex transaction during its Q4 and FY2014 financial results conference call scheduled for Tuesday, May 6, 2014.

nexicore services electronic repair

Avnet, Inc. Acquires The Assets Of Nexicore Services

Avnet, Inc. announced that it has completed its acquisition of substantially all of the operating assets of Hartford Computer Group, Inc. and its subsidiary Nexicore Services LLC (“Nexicore”) through a Section 363 sale process in the U.S. Bankruptcy Court in Chicago. Nexicore Services, which generated revenue of approximately US$85 million in the 2011 calendar year, was one of the leading providers of repair and installation services in North America for consumer electronics and computers, operating in three complementary business lines, including depot repair, onsite repair and installation, and spare parts management. The acquisition is expected to be immediately accretive to earnings and supports Avnet’s return on capital goals for acquisitions.

“This acquisition adds another significant building block in our strategy to offer a new aftermarket services business focused on repair, refurbishment, recycling and responsible disposition of electronic products and equipment”

“This acquisition adds another significant building block in our strategy to offer a new aftermarket services business focused on repair, refurbishment, recycling and responsible disposition of electronic products and equipment,” said Steve Church, President, Avnet Integrated Resources. “Nexicore brings a broad range of services, most notably a technical call center, onsite and depot repair of electronic devices and equipment and parts management, to complement our service offerings,” Church added.

The assets acquired from Nexicore Services will be deployed in Avnet Integrated Resources, which provides reverse logistics and after-market services to the global technology industry.

For more information on Avnet, Inc., visit their website at avnet.com.