TORONTO, March 9, 2018 /CNW/ - Hydro One Limited (TSX: H) ("Hydro One") announced today that negotiations on the proposed acquisition of Peterborough Distribution Inc. have ceased as both parties were unable to reach a final agreement.
The role of both parties in these commercial negotiations is to ensure that the end result is an outcome that creates customer and shareholder value. In this particular case, despite the strong offer made to the City of Peterborough, the two parties were unable to achieve that balance.
Hydro One would like to thank Mayor Bennett, the City of Peterborough and members of both negotiating teams and looks forward to continuing its relationship as long-time neighbours and proud members of the Peterborough community.
About Hydro One Limited
We are Ontario's largest electricity transmission and distribution provider with more than 1.3 million valued customers, over $25 billion in assets and 2017 annual revenues of nearly $6 billion. Our team of over 7,400 skilled and dedicated regular and non-regular employees proudly and safely serves suburban, rural and remote communities across Ontario through our 30,000 circuit km of high-voltage transmission and 123,000 circuit km of primary distribution networks. Hydro One is committed to the communities we serve, and has been rated as the top utility in Canada for its corporate citizenship, sustainability, and diversity initiatives. We are one of only five utility companies in Canada to achieve the Sustainable Electricity Company designation from the Canadian Electricity Association. We also provide advanced broadband telecommunications services on a wholesale basis utilizing our extensive fibre optic network. Hydro One Limited's common shares are listed on the Toronto Stock Exchange (TSX: H).
SOURCE Hydro One Limited