Veridian Corporation and Whitby Hydro Energy Corporation amalgamated to form Elexicon Corporation, and their subsidiaries amalgamated to form a single regulated electricity distribution subsidiary, Elexicon Energy Inc., and a non-regulated subsidiary, Elexicon Group Inc.
Elexicon Corporation’s two subsidiaries, Elexicon Energy and Elexicon Group, both commence business effective April 1, 2019 as well.
Elexicon Energy is a local distribution company regulated by the Ontario Energy Board (“OEB”) and is the successor to Veridian Connections Inc. and Whitby Hydro Electric Corporation. It will provide more than 162,000 residential and business customers with reliable, affordable energy services in parts of Durham Region and beyond. Elexicon Energy is the fourth largest municipally owned electricity distributor in Ontario.
Elexicon Group is not regulated by
the OEB and will provide a wide range of energy solutions to customers.
Elexicon Corporation will operate primarily as a holding company. Its Board of Directors comprises six independent directors and the mayors, or their designates, of the five municipalities (Whitby, Pickering, Ajax, Clarington and Belleville) that hold shares in the Corporation.
Veridian Corporation is a holding company that owns Veridian Connections Inc., an OEB-regulated utility that distributes electricity to more than 121,000 residential and business customers in nine communities east and north of Toronto.
Whitby Hydro Energy Corporation is a holding company owned by The Town of Whitby, and containing two separate, distinct subsidiaries: Whitby Hydro Electric Corporation and Whitby Hydro Energy Services. Whitby Hydro Electric Corporation is an electricity distributor licensed by the OEB to deliver electricity to homes and businesses in the service area of Whitby, Brooklin and Ashburn, Ont. Whitby Hydro serves more than 41,500 customers.
Aird & Berlis LLP acted as joint legal counsel to Veridian and Whitby Hydro in relation to the merger and to the Mergers, Acquisitions, Amalgamations and Divestitures application to the Ontario Energy Board, with a team comprised of Ron Clark, Jeremy Burke, Stephen Crawford and Sarah Newman (Corporate), Dennis O’Leary (Energy), Barbara Worndl (Tax), Lorenzo Lisi and Barbra Miller (Labour & Employment), and Jill Fraser and Alyssa Gebert (Financial Services).
Suzanne Murphy (Corporate), Kimberly Howard (Corporate), Chris Zawadzki (Corporate) and Bill McCullough (Real Property) of McCarthy Tétrault LLP were Independent Counsel to Whitby Hydro and Counsel to the Town of Whitby.
Borden Ladner Gervais LLP acted as independent counsel to Veridian and counsel to The Corporation of the City of Belleville, The Corporation of the City of Pickering and The Corporation of the Municipality of Clarington, with a team comprised of Bernadette Corpuz (Corporate, Energy), Jessica-Ann Buchta (Corporate, Energy), Rick Coburn (Environmental), Tamila Ivanov (Real Estate) and James Fu (Labour & Employment).
Thomas J. Timmins of Gowling WLG was counsel to the Town of Ajax.