03:47 PM EST - Fortis Inc. : said its wholly owned subsidiary, FortisOntario Inc., entered into an agreement with Brookfield Renewable Power Inc. to purchase all of the issued and outstanding shares of Great Lakes Power Distribution Inc., a wholly owned subsidiary of Brookfield, for approximately $68 million, subject to adjustment. The closing of the transaction is subject to regulatory approval by the Ontario Energy Board and Competition Act approval. The acquisition of Great Lakes Power Distribution is an important step for Fortis, as it expands FortisOntario's presence into northern Ontario and represents a good strategic fit with the existing electricity distribution operations in Ontario. Fortis Inc.
shares T.FTS are trading down $0.10 at $25.11.
