Vt.'s largest utility to buy smaller 1 for $33.2M

RUTLAND, Vt.

Vermont's biggest electric utility is buying one of its smallest.

Central Vermont Public Service Corp. officials said Tuesday that they've reached agreement on a $33.2 million deal to buy Vermont Marble Power Division, a division of Omya Inc.

CVPS will get the assets and service territory of Vermont Marble Power, including four hydroelectric dams in Proctor, Middlebury, Weybridge and the Town of Rutland, and the rights to serve about 890 homes and businesses in Proctor -- the biggest being the Omya industrial facility in Florence.

The sale, expected to close by the end of the year, is subject to the approval of the state Public Service Board and the Federal Energy Regulatory Commission.