Belco takeover awaits regulatory approval

The Regulatory Authority is inviting comments through May 4, 2020 from the public on the proposed change of control of utility Belco.

Algonquin Power and Utilities Corporation, a Canadian group, has agreed to acquire Ascendant Group Ltd, parent company of Belco, in a deal worth more than $360 million. Ascendant’s board and shareholders have approved the takeover, which is now awaiting approval from the RA, the regulator that oversees the electricity and telecommunications sectors.