Hydro One denied acquisition of Orillia Power Distribution
The Ontario Energy Board, which regulates electricity utilities in the province, upheld its decision to deny the proposed acquisition
TORONTO— Hydro One Inc., Ontario’s largest electricity transmission and distribution provider, received a decision Aug. 24 from the Ontario Energy Board upholding its decision to deny its proposed acquisition of Orillia Power Distribution Corporation (OPDC) from the City of Orillia, Ont.
“Hydro One is disappointed by this decision,” said Patrick Meneley, executive vice president and chief corporate development officer, Hydro One. “We will continue to work with the City of Orillia to seek a transaction that is in the interests of all stakeholders.”
On Aug. 15, 2016, Hydro One announced the agreement to acquire OPDC for $26.35 million and the assumption of approximately $14.9 million of debt and regulatory liabilities for a total transaction value of $41.3 million.