The Newmarket-Tay Power Distribution Ltd. purchase of the Midland Power Utility Corporation is to officially close by early October, with the two power companies amalgamating immediately afterwards.
Newmarket-Tay Power is purchasing the MPUC from the Town of Midland for $27.6 million. The purchase price includes approximately $22 million in cash and the assumption of $5.6 million in debt.
With Tay Township and Midland bordering each other, the amalgamation is an opportunity for efficiencies, although no jobs are to result from the transaction. The two utilities are already working together for after-hours service.
“This amalgamation will make us a more competitive utility, allow us to combine our resources to respond to customer needs, and create…