Markham Web Content Viewer (JSR 286)

Actions
Loading...

PowerStream Merger

PowerStream Merger

Markham Council Approves PowerStream Merger

At a Special Markham Council meeting on November 19, 2015, the City of Markham approved  the merger of  PowerStream with Enersource and Horizon Utilities and the purchase of Hydro One Brampton.

The proposed company will provide service to over 900,000 customers in the Greater Golden Horseshoe Area including York Region, Simcoe County, Peel Region, Hamilton and St. Catharines. Based on the number of customers served, the merged entity will be the second largest municipally-owned electric utility in Ontario and fifth largest in Canada.

Although Markham Council and the other municipal shareholders have approved the merger, the proposed merger still requires regulatory approval by the Ontario Energy Board.

Background

On April 16, 2015, the Government of Ontario announced that negotiations were underway with respect to a potential three-way merger of PowerStream Holdings Inc., Enersource Corporation and Horizon Utilities Corporation, and an opportunity to acquire Hydro One Brampton Networks Inc. from the Province to create the second largest local distribution company in Ontario.

The three PowerStream shareholders, Markham, Vaughan and Barrie (and their holding companies) partnered to evaluate the proposed merger transaction.

The City of Markham’s holding company is Markham Enterprises Corporation (MEC).  The City of Markham owns 100% of MEC, which in turn owns 34.2% of PowerStream Holdings Inc. shares.  MEC is governed by a Board of Directors, comprised of the 13 Markham Councillors.

Navigant Inc. and BDR North America were retained to provide independent advice and financial due diligence, and Gowlings LLP was retained to undertake legal due diligence and to support a decision on this important transaction.

The MEC Board held several meetings during 2015 to consider financial and legal due diligence updates.

On May 26, 2015, a report was received at Markham’s General Committee on the proposed transaction, including the expected timelines, as well as the negotiation and decision-making process. This report was also received by Council on June 15, 2015.

Markham Press Releases and Public Notices

Media Releases

Notices

These notices were published in the Economist and Sun, Thornhill Liberal, Ming Pao, Sing Tao, and Weekly Voice

Reports and Presentations

Other Merger-Related Press Releases and News Articles

Frequently Asked Questions

PowerStream's responses to frequently asked questions

Feedback

Past Meetings

Markham Council Decision 

Date: Thurs. Nov. 19, 2015
Time: 7 p.m.
Location: Council Chambers, Markham Civic Centre, 101 Town Centre Boulevard

Special General Committee Meeting

Date: Wed. Nov. 11, 2015
Time: 7 p.m.
Location: Council Chambers, Markham Civic Centre, 101 Town Centre Boulevard

Stay Informed

Subscribe to our eNews to receive meeting notices and updates by email.