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ARTICLE · 16 APRIL 2015

LDC Consolidation And Valuation: Blind Faith

Gowling WLG
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A typical definition of a properly functioning market is one that is open and unrestricted between informed and willing buyers and sellers who are under no compulsion to act.

CanadaEnergy and Natural Resources
Rob Blackstein
Rob Blackstein
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The potential sale by the province of all, or a portion of, Hydro One by way of private sale or initial public offering (or both) is sparking renewed interest in the broader consolidation of local distribution companies in Ontario, most of which are owned by municipalities or, in the case of Hydro One, by the Province. One key aspect that will need to be explored within the broader context of consolidation is the valuation of LDCs themselves.      

Blind Auction Process and Historical Value Setting

Recent consolidation activity in Ontario's LDC sector involved the acquisition of Norfolk Power and Haldimand Hydro by Hydro One, the acquisition by Cambridge and North Dumfries Hydro of Brant County Power and Hydro One's proposed acquisition of Woodstock Hydro Services. As we previously discussed in our article "Hydro One's Acquisition of Norfolk Power, and the "public interest", these recent transactions were the result of a competitive bidding process known as a

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