Hydro One to acquire the Great Lakes Power electricity transmission business

On January 29, 2016, Hydro One Limited (Hydro One) announced that its wholly-owned subsidiary Hydro One Inc. entered into a purchase agreement to acquire from Brookfield Infrastructure various entities that own and control Great Lakes Power Transmission LP ("Great Lakes Transmission"), an Ontario regulated electricity transmission business operating along the eastern shore of Lake Superior, north and east of Sault Ste. Marie, Ontario, for C$222 million in cash, subject to customary adjustments, plus the assumption of approximately C$151 million in outstanding indebtedness.

The transaction is conditional upon the satisfaction of customary closing conditions, including receipt of Competition Act (Canada) approval and approval of the Ontario Energy Board.

Great Lakes Power Transmission is the second largest electricity transmitter in Ontario, operating along the eastern shore of Lake Superior, north and east of Sault Ste. Marie, Ontario.

Hydro One is Ontario's largest electrical transmission and distribution utility with more than C$23 billion in assets and 2014 revenues of over C$6 billion.

Brookfield Infrastructure operates high quality, long-life assets that generate stable cash flows, require relatively minimal maintenance capital expenditures and, by virtue of barriers to entry and other characteristics, tend to appreciate in value over time. Its current business consists of the ownership and operation of premier utilities, transport and energy assets in North and South America, Australasia, and Europe. It also seeks acquisition opportunities in other infrastructure sectors with similar attributes. Brookfield Infrastructure's payout policy targets 5% to 9% annual growth in distributions. Units trade on the New York and Toronto stock exchanges under the symbols BIP and BIP.UN, respectively.

Further information can be found on Canada Newswire's website.