Dive Brief:

• In a trend of Canadian companies buying U.S. utilities, Newfoundland-based Fortis has reached a deal to buy UNS Energy, which owns two Arizona electric utilities, for about $2.5 billion in cash.
• Fortis will pay $60.25 a share for UNS, a 31% premium to UNS's $45.84 closing price December 11.
• Fortis paid $969 million to buy New York's CH Energy Group in June.

Dive Insight:

Here we go again. In 2004, the Arizona Corporation Commission rejected a leveraged buyout of Tucson, Arizona-based UNS, then called UniSource Energy, by a group of private investors led by Kohlberg Kravis Roberts & Co. The ACC found that the deal wasn't in the public interest. It's unclear how the commission will respond to the latest buyout proposal.