Ontario Sells Another $2 Billion in Hydro One Shares
- Hydro One offering reduces Ontario stake to below 50%
- Utility’s shares sold at slight discount to market price
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Ontario is selling another chunk of Hydro One Ltd. to investors, offering C$2.79 billion ($2 billion) worth of shares to reduce its stake in the utility to less than half.
Canada’s most-populous province will retain a 49.9 percent stake in the Toronto-based company after the sale of 120 million common shares at C$23.25 apiece. The offering is made through a group of banks led by RBC Capital Markets and CIBC Capital Markets, according to a statement Monday. The sale price is a 3.2 percent discount to Monday’s close of C$24.03.