The Ontario Energy Board (OEB) has approved the sale of the shares of Norfolk Power Inc. to Hydro One Inc. for $93 million.
Norfolk Power Inc. is Norfolk County’s holding company for Norfolk Power Distribution Inc. (NPDI), its electricity distributor, and Norfolk Energy Inc. (NEI), its telecom company.
Norfolk County announced its sale of Norfolk Power to Hydro One in April of 2013. The selection of Hydro One was the result of a comprehensive four-month competitive sale process which involved expressions of interest or proposals from numerous potential Canadian buyers.
Norfolk County’s net take from the sale is $66 million, reports the Simcoe Reformer. Hydro One has also agreed to hire all of Norfolk Power’s employees and relocate some Hydro One staff from outside the county to NP headquarters in Simcoe. Hydro One has agreed to assume responsibility for $27 million of the utility’s debt.
Read the full Norfolk County news release.