NT Power Shareholders Sign Securities Purchase Agreement with Alectra Inc.
Following an exclusive due diligence period with Alectra Inc., the Town of Newmarket and Tay Township (collectively, the shareholders of Newmarket-Tay Power Distribution Ltd.) have signed a Securities Purchase Agreement (SPA) with Alectra Inc., subject to a 45-day “Go Shop” period. The “Go Shop” period enables the shareholders to determine if there are any other parties willing and able to offer more favourable terms. The “Go Shop” period will commence on January 12, 2026.
At the conclusion of the “Go Shop” period (approximately February 26, 2026), the Town of Newmarket and Tay Township (NT Power Shareholders) will make a final decision on whether to move forward with a sale or merger of Newmarket-Tay Power Distribution Ltd. (NT Power), and, if so, with which purchaser.
With electricity demand in Ontario evolving rapidly due to growth, electrification and climate change, the Town of Newmarket and the Township of Tay are proactively exploring strategic options for NT Power, including a potential sale or merger, to build on the utility’s strong foundation and further enhance the delivery of safe, reliable, affordable, and sustainable local energy services for customers and residents in both communities over the long term. At the forefront of the SPA with Alectra Inc. are the following priorities:
- Prioritizing reliability and customer service
- Job protection for all NT Power employees
- Guarantee that employees can continue working in their current locations until at least 2031
- Ongoing capital investment into the system to ensure effective and efficient service today and into the future.
After the “Go Shop” period concludes and should the NT Power Shareholders choose to move forward with a signed SPA with the preferred purchaser, an application to the Ontario Energy Board (OEB) to approve the merger/sale would be filed. This process can take several months and during this time, NT Power would remain an independent entity with an independent Board of Directors.
Background
In August 2025, NT Power Shareholders entered into an agreement with Alectra Inc. that outlined the key terms in an Indication of Interest (an “IOI”) for the potential sale or merger of NT and to commence a 120-day exclusivity period to conduct due diligence.
About NT Power
Newmarket-Tay Power Distribution Ltd. (NT Power) is a local electricity distribution company licensed by the Ontario Energy Board. NT Power is jointly owned by the Municipalities of Newmarket (93%) and Tay (7%), serving 50,000 customers in the areas of Newmarket, Tay and Midland.
About Alectra’s Family of Companies
Serving more than one million homes and businesses in Ontario’s Greater Golden Horseshoe area, Alectra Utilities is now the largest municipally owned electric utility in Canada, based on the total number of customers served (Approximately one million businesses and families). Alectra contributes to the economic growth and vibrancy of the 17 communities we serve by investing in essential energy infrastructure, delivering a safe and reliable supply of electricity, and providing innovative energy solutions.
Alectra Inc. (Alectra) is an investment holding company with a head office in Mississauga, Ontario. Alectra owns 100 per cent of the common shares of each of Alectra Utilities Corporation (AUC) and Alectra Energy Solutions (AES), which in turn has two wholly owned subsidiaries: Alectra Energy Services Inc. (AESI) and Alectra Power Services Inc. (APSI). AESI has two wholly owned subsidiaries – Util Assist Inc. (UA) and Holland Power Services Inc. (HPS). HPS has two subsidiaries: Holland New England and Gagnon Line Construction.
Media Contact:
Wanda Bennett, Director, Corporate Communications, Town of Newmarket Email: wbennett@newmarket.ca | Telephone: 905.895.5193 ext. 2041