Newfoundland-based utility company Fortis has been approved to buy United States utility company CH Energy Group.
Approximately 92 per cent of CH Energy shareholders approved the purchase, according to a company news release.
The purchase is subject to regulatory approvals, and is expected to close in the first quarter of 2013.
"Shareholder approval is a critical milestone toward completing the transaction," said CH Energy chairman, president and CEO Steven Lant. "The merger will deliver significant value to CH Energy Group shareholders."
The transaction will provide U.S. $65 per share to common shareholders of CH Energy Group, parent company of Central Hudson Gas & Electric Corporation upon closing, according to the company.