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Fortis Inc., a Canadian investor-owned gas and electric distribution utility, has acquired Tucson, Ariz.-based utility services holding company UNS Energy Corp. for $4.3 billion, including the assumption of approximately $1.8 billion of debt.

Fortis says the closing of the acquisition is expected to occur by the end of 2014. UNS subsidiaries include Arizona utility Tucson Electric Power.

"UNS Energy will remain a standalone utility in the Fortis model," comments Stan Marshall, president and CEO of Fortis. "Its headquarters and management team will remain in Tucson, Arizona, and its customers will not pay for any costs related to the transaction."

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