MONTREAL – Gaz Metro is selling its electric water heater rental business to a subsidiary of Groupe Confort Inc. for $45.5 million.
Gas Metro says the sale of its interest in HydroSolution through its subsidiary, Gaz Metro Plus Limited Partnership, is expected to yield a profit of $14.6 million.
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“The transaction is consistent with Gaz Métro’s strategy, which is focused on the distribution, transportation and production of energy in Quebec and Vermont, and it will also improve Gaz Metro’s cash position,” president and CEO Sophie Brochu said in making the announcement.
Gaz Metro, 29 per cent owned by Valener Inc. (TSX:VNR), is the largest natural gas distribution company in Quebec serving more than 185,000 customers. Its electrical production and distribution and natural gas facilities serve an additional 300,000 customers in Vermont.
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Gaz Metro is also focused on promising activities and projects in areas such as wind power generation in Quebec and Vermont and natural gas fuel for transportation.
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