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Sep 6, 2006

Fortis buys Turks & Caicos electric companies

Fortis, the Canadian parent company of Belize Electricity Limited, has expanded it’s stake in the Caribbean. According to a press release Fortis has purchased all of the outstanding shares of the two companies providing power to the Turks and Caicos Islands; P.P.C. Limited and Atlantic Equipment and Power. The purchase price, including assumed debt, was around ninety million U.S. dollars. The new acquisition means that Fortis is now the sole electricity provider to three Caribbean territories: Belize, Turks & Caicos and the Cayman Islands. The British controlled Turks and Caicos Islands, lying east of the Bahamas chain in the Atlantic, are experiencing rapid economic growth based on high end tourism.

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