Toronto: Hydro One Inc. announced August 1 that it had agreed to acquire the business and distribution assets of Peterborough Distribution Inc. (PDI) from the City of Peterborough. Hydro One would pay the City of Peterborough $105 million for the transaction.
Peterborough Distribution, located in east central Ontario, serves approximately 37,000 customers in Peterborough, Lakefield and Norwood. The proposed transaction is the result of extensive discussions between Hydro One and the City of Peterborough regarding the sale of the utility.
Hydro One also announced a separate agreement to construct an operations centre and fleet maintenance facility within Peterborough.
The acquisition is conditional upon the satisfaction of customary closing conditions and approval of the Ontario Energy Board and the Competition Bureau. Establishing facilities within Peterborough will also require approval by the OEB.