January 29, 2016 / 3:02 PM / 3 years ago

Hydro One to buy Great Lakes Transmission business for C$222 million

(Reuters) - Hydro One Ltd (H.TO), Ontario’s largest electric utility said it will buy an electricity transmission business from Brookfield Infrastructure for C$222 million ($158.87 million).

Upon deal completion, Hydro One will operate about 98 percent of Ontario’s transmission capacity.

The Great Lakes Transmission business has a rate base of about C$219 million and consists of 15 transmission stations.

Rate base is the value of property on which a utility is allowed to earn a specified profit.

The deal also includes C$151 million in debt, Hydro One said.

Hydro One began trading on the Toronto Stock Exchange in November after its initial public offering, one of the largest in Canadian history.

Hydro One’s shares were mostly flat at C$22.45 in morning trade on the Toronto Stock Exchange.

Reporting by Manish Parashar in Bengaluru; Editing by Shounak Dasgupta

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