Toronto: The provincial government announced January 2 that it had completed the sale of 14,391,012 common shares of Hydro One Limited, representing approximately 2.4% of the outstanding common shares, to OFN Power Holdings LP, a limited partnership wholly-owned by Ontario First Nations Sovereign Wealth LP, which is in turn owned by 129 First Nations in Ontario at a purchase price of $18 per share for a total purchase price of $259,038,216. This transaction fulfills the Province’s commitment in its agreement-in-principle with the Chiefs-in-Assembly on behalf of the First Nations in Ontario, which was previously announced on July 12, 2016.
Immediately prior to closing of the transaction, the Province owned 296,803,660 common shares of Hydro One Limited, representing approximately 49.9% of the common shares of Hydro One Limited. After completing the transaction, the Province owns 282,412,648 common shares, or approximately 47.4%.
The Province has obtained a decision dated June 6, 2017 from the Canadian securities regulatory authorities that permits it to file reports in connection with the early warning reporting requirements that “disaggregate” the Hydro One Limited common shares held on behalf of the Province by the Minister of Energy from other Hydro One Limited securities that may be owned or controlled by other entities under the direct or indirect control of the Province (the “Non-Aggregated Holders”), subject to certain conditions.