← Back to Homepage
Potential Merger
Information Hub
Overview

Veridian Corporation has entered into a Memorandum of Understanding to explore the potential benefits of joining utilities with Whitby Hydro Energy Corporation. Check this community hub regularly for updates and to stay involved with the process.

Memorandum of Understanding
Read the Latest
Merger Resources
Read More
Frequently Asked Questions
You have questions. We have answers. We've answered some of the most frequently asked questions below. Is there something you'd like to know that isn't on this list? We'd like to hear from you. Click here to have your say and ask us a question or share your thought.

Latest Questions

Now that all five shareholders have approved the merger, does this mean the merger is officially happening?

No. The approval of municipal shareholders for a proposed merger is a critical, but not the final, milestone in this process. Shareholder approvals positions Veridian and Whitby Hydro and their shareholders to enter into a merger agreement and then submit a Mergers, Acquisitions, Amalgamations and Divestitures (MAADs) application to the OEB for regulatory review and approval. The OEB process will review many aspects of the merger, including a “No Harm Test” that ensures the proposed merger does not have an adverse effect on ratepayers. A merger would only take place following OEB approval, and assuming normal legal conditions as set out in the merger agreement have been met.

How can we be confident that this is not a sale disguised as a merger?

We are focused on this merger only and are not investigating any type of sale. This is a proposed merger of our two companies to create a new yet-unnamed energy corporation. The energy market is constantly evolving and we believe the creation of a new more efficient and better-resourced company through a merger will generate significant benefits for our customers, communities, employees, and other stakeholders

What are the potential advantages and disadvantages to customers?

We believe that significant benefits can be realized for our customers, communities, employees, and other stakeholders. A combined company, through its larger size, will allow us to achieve savings for our customers and shareholders through greater efficiencies, innovations, and competitive strength. Our assessments to date show that customers will, on average, experience approximately 3% lower rates than they otherwise would have as customers of Veridian or Whitby Hydro alone. A merger is our best opportunity to mitigate against future rate increases and maintain 100% local ownership by the communities we serve.

Will Hydro rates go down because of the savings of the merger?

A key objective of this potential merger is to strengthen our ability to deliver cost-effective, reliable energy services to the communities and the municipalities we serve. Our assessments to date show that, on average, customers of the merged company will experience approximately 3% lower rates than they otherwise would have as customers of Veridian or Whitby Hydro alone. Merging is also our best opportunity to mitigate against future rate increases as we can achieve greater economies of scale, find efficiencies, and develop competitive strength in a combined company.

What is the timeline for a potential merger?

Both Veridian and Whitby Hydro Boards of Directors have agreed that a merger would provide benefits to customers and all five shareholders have approved the proposed merger. Veridian and Whitby Hydro and their shareholders must now enter into a merger agreement and then submit a Mergers, Acquisitions, Amalgamations and Divestitures (MAADs) application to the OEB for regulatory review and approval. If approved by the OEB, we anticipate completing the transaction by late 2018 or early 2019.

Latest News
Veridian Corporation and Whitby Hydro Energy Corporation Shareholders Approve Proposed Merger
June 26, 2018
(June 26, 2018, Ontario) – All five municipal shareholders of Veridian Corporation (“Veridian”) and Whitby Hydro Energy Corporation (“Whitby Hydro”) have approved a proposed merger of the two companies to create a new yet-unnamed energy corporation. The two municipal electricity utilities and the municipal shareholders are now positioned to execute a merger agreement, following which the transaction will be submitted to the Ontario Energy Board (“OEB”) for regulatory approval.
Read More
Veridian Corporation and Whitby Hydro Energy Corporation Proceed to Seek Shareholder Approvals for Proposed Merger
April 3, 2018
(April 3, 2018, Ontario) – Veridian Corporation (“Veridian”) and Whitby Hydro Energy Corporation (“Whitby Hydro”) are proceeding to seek shareholder approvals of a proposed merger of the two companies. The potential merger partners released public documentation today in advance of upcoming municipal council presentations.
Read More
Veridian Corporation and Whitby Hydro Energy Corporation Boards Recommending Shareholders Approve Proposed Merger
January 16, 2018
(January 16, 2018, Ontario) – The Boards of Directors of municipal electricity utilities Veridian Corporation (“Veridian”) and Whitby Hydro Energy Corporation (“Whitby Hydro”) are recommending shareholders approve the merger of the two companies to create a new yet-unnamed energy corporation.
Read More
Veridian Corporation and Whitby Hydro Energy Corporation Take Step Forward with Signing of Memorandum of Understanding
November 17, 2017
DURHAM REGION, ONTARIO--(Marketwired - July 18, 2017) - Veridian Corporation ("Veridian") and Whitby Hydro Energy Corporation ("Whitby Hydro") are pleased to announce that the entities have reached the first milestone in merger evaluations with the signing of a Memorandum of Understanding ("MOU") on July 17th, 2017.
Read More
Have Your Say
We want to hear from you. Tell us what you think. Your feedback matters and will guide us in this process to serve you better. Please send us your question and we will reflect all questions when we update on FAQ section

Thank you for your comment/question. We are reviewing your question and will update the FAQ section of our website shortly. We'll do our best to reply to you directly in a timely manner.

Oops! Something went wrong while submitting the form

Sign up for updates

Enter your email address in the form below to sign up for alerts when this website gets updated with new information.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Get In Touch
Stay connected with Veridian online and in social media. Use the links below to connect with us.