Valener announces that Gaz Métro has sold its stake in HydroSolution
MONTREAL, Nov. 28, 2012 /CNW Telbec/ - Valener Inc. ("Valener"), which owns an economic interest of approximately 29% in Gaz Métro Limited Partnership ("Gaz Métro"), announced today that Gaz Métro, through its subsidiary, Gaz Métro Plus Limited Partnership ("Gaz Métro Plus"), has sold its entire stake in HydroSolution which rents a large number of electric water heaters. The sale, to a subsidiary of Groupe Confort Inc. for the sum of about $45.5 million, will yield a profit of approximately $14.6 million.
"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 Métro's cash position," said Sophie Brochu, President and CEO of Gaz Métro.
Based on its core strengths in natural gas distribution and transportation in Quebec, Gaz Métro focuses on promising activities and projects in areas such as electrical power generation and distribution in Vermont, wind power generation in Quebec and Vermont and natural gas fuel for transportation.
Overview of Valener
Valener owns an economic interest of approximately 29% in Gaz Métro. Valener therefore has a stake in the energy industry and benefits from Gaz Métro's diversified profile, both in terms of geography and business segment. Valener also owns a 24.5% indirect interest in the wind power projects jointly developed with Gaz Métro and Boralex Inc. on the private lands of Séminaire de Québec. Valener's common shares and preferred shares are listed on the Toronto Stock Exchange under the "VNR" trading symbol for common shares and under the "VNR.PR.A" symbol for Series A preferred shares. www.valener.com.
About Gaz Métro
With almost $5 billion in assets, Gaz Métro is a leading energy provider. It is the largest natural gas distribution company in Quebec, where its 10,000-km underground network of pipelines serves 300 municipalities and more than 185,000 customers. Gaz Métro is also present in Vermont, producing electricity and distributing electricity and natural gas to cater to the needs to some 300,000 customers. Gaz Métro is actively involved in the development of innovative, sustainability-oriented energy projects such as the production of wind power, the use of natural gas as a transportation fuel and the development of biomethane as a renewable energy source. Gaz Métro is committed to ensuring the satisfaction of its customers, providing support to businesses, local organizations, families and communities, and meeting the needs of its partners (Gaz Métro inc. and Valener) and employees. www.gazmetro.com
SOURCE VALENER INC.