Hydro-Quebec Strikes $4.4B Deal On NB Power Assets

Law360, New York (October 29, 2009, 5:58 PM EDT) -- The government of Quebec's provincially owned utility Hydro-Quebec will buy most of the assets of New Brunswick Power in a $4.4 billion deal that would completely erase the smaller utility's whopping debt, Hydro-Quebec and NB Power said Thursday.

Hydro-Quebec and NB Power announced the agreement in a memorandum of understanding signed by both governments.

"This agreement creates an unprecedented energy partnership in Canada,” Quebec Premier Jean Charest said in a statement.

“Quebecers will acquire quality assets, while over the medium term, our partners will benefit from...
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