Fortis Exits Turks and Caicos Utility to US Private Equity Fund

Fortis Inc. has sold its dominant electrical utility in the Turks and Caicos Islands to US private equity fund Vision Ridge Partners. The transaction, valued at an undisclosed amount, simplifies Fortis's strategy and structure and should improve its balance-sheet health. The sale marks Fortis's exit from an investment made during a period when Canadian politicians considered making the Caribbean country a Canadian province.