March 24, 2016 – With net proceeds helping fund its priority infrastructure projects, Ontario is moving forward with the merger of Hydro One Brampton with PowerStream, Enersource and Horizon following municipal shareholder approvals.

With the various municipal councils all voting to proceed with the merger, Ontario has executed a Share Purchase Agreement with PowerStream, Enersource and Horizon. This merger will create the second-largest electricity distributor in Ontario, says the province.

The purchasers have agreed to pay $607 million for Hydro One Brampton. The transaction and creation of the new company are subject to post-closing adjustments and regulatory approval from the Ontario Energy Board, anticipated to occur late this year. All net revenue gains from the sale will be dedicated to the Trillium Trust, says the province, to help fund investments in transit, transportation and “other priority infrastructure”.