Hydro One buys Great Lakes Transmission in $373-million deal

TORONTO — Ontario’s newly privatized Hydro One electric utility includes a $373-million deal to buy Great Lakes Power Transmission, which operates north and east of Sault Ste. Marie, Ont.

Hydro One says it’ll acquire Great Lakes Transmission from various entities controlled by Brookfield Infrastructure, that is a part of a Toronto-based asset management group.

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The former provincial Crown corporation will pay $222 million in cash and assume $151 million of outstanding debt owed by Great Lakes, that has 15 transmission stations and 560 kilometres of transmission lines.

Once the deal closes, Hydro One will operate about 98 percent of Ontario’s transmission capacity.