Hydro Ottawa offloading telecom biz

Hydro Ottawa is selling its broadband network and wireless Internet division, Telecom Ottawa. Saying the divestiture would allow it to focus on its core business, generating and distributing electricity, the utility is apparently no longer interested in owning the more volatile communications enterprise, which is $32 million in debt. “Our decision to explore a sale of Telecom Ottawa is based on the board’s preference for low-risk investments that provide stable, long-term returns, combined with our expectation that the company will have strong market value,” Hydro Ottawa chairman Pierre Richard told the city in a memo, according to the Ottawa Sun. Telecom Ottawa serves approximately 95% of government offices and institutions in Ottawa, as well as 200 businesses.

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