Competition Bureau says $373M acquisition will not prevent competition; Ontario Energy Board approval still required before deal closes
OTTAWA—The Competition Bureau does not intend to stand in the way of a $373 million Hydro One deal to buy Great Lakes Power Transmission LP from Brookfield Infrastructure Partners.
The federal watchdog said late last week that it does not feel the acquisition will result in “a substantial lessening or prevention of competition.”
“The Bureau’s conclusion rests on the fact that the parties operate transmission assets that are physically connected to different customer locations and facilities, and therefore are not competing against each other for the provision of transmission services,” the Competition Bureau said.
The deal, which was announced earlier this year, would transfer ownership of 15 stations, 560 kilometres of power lines and associated infrastructure across an area of 12,000 square-kilometres in Northern Ontario along the shore of Lake Superior to recently-privatized Hydro One.
The deal remains subject to approval by the Ontario Energy Board.