STAMFORD, Conn., April 18 -- Citizens Communications Co. announced yesterday it will sell its Vermont Electric Division (VED) assets to Vermont Electric Power Co. Inc. and Vermont Electric Cooperative Inc. for $25 million in cash. The transactions are expected to close by the second or third quarter of 2004 and are subject to regulatory and other customary approvals. The sales price approximates the book value of VED, Citizens said.
The sale of VED is part of Citizens' ongoing debt reduction program in which it is divesting its public utility services. It previously announced sales of its Arizona Electric and Gas and The Gas Co. of Hawaii units.
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