Business News • MarketWire • The Consumers' Waterheater Income Fund Completes Acquisition of Enbridge Electric Connections Inc. |
The Consumers' Waterheater Income Fund Completes Acquisition of Enbridge Electric Connections Inc. |
|
|
The Consumers' Waterheater Income Fund Completes Acquisition of Enbridge Electric Connections Inc.
TORONTO, ONTARIO--(Marketwire - Oct. 1, 2010) - The Consumers' Waterheater Income Fund ("Fund") (TSX:CWI.UN) today announced that a wholly-owned subsidiary of the Fund has completed the previously announced acquisition of all of the outstanding shares of Enbridge Electric Connections Inc. ("EECI") for approximately $23.2 million in cash, subject to a potential adjustment based on working capital at close. EECI is principally engaged in the provision of equipment and services under long-term contracts with customers to allow sub-metering and remote measurement of electricity and water in multi-unit condominium complexes and apartment buildings in Ontario. With approximately 30,000 billing customers, EECI's business is complementary to the Fund's existing sub-metering business conducted through Stratacon Inc. ("Stratacon"). EECI's customer base is predominantly in the new and retro-fit condominium market segments, while Stratac
View More : http://www.marketwire.com/mw/release.do?id=1328191&sourceType=3
|
|
|