Newfoundland-based utilities provider Fortis Inc. (TSX:FTS) has completed its acquisition of Terasen Inc. from Kinder Morgan Inc. for $3.7 billion.
The deal, announced in February, expands Fortis' customer base to roughly two million customers and almost doubles the value of its assets to $10 billion.
Fortis also owns FortisBC, the power utility operator in the B.C. Interior headquartered in Kelowna.
Kinder Morgan sold its non-pipeline holdings to further strengthen its core pipeline business. Proceeds of the sale were used to pay down debt.
TD Securities Inc. acted as Kinder Morgan's financial adviser on the deal.