Hydro One shares on TSX next week

The first public shares of Hydro One are expected to begin trading on the Toronto Stock Exchange in one week.

Hours after the province’s financial accountability officer said the sale would be hurtful to the province’s finances over the long-term, the Ontario government announced it had sold about one-seventh of the provincial electricity distributor to a group of underwriters for $1.66 billion, or $20.50 per share.

The deal is expected to close Thursday, after which trading will begin under the stock symbol, “H.”

Ultimately the province plans to sell 60 percent of Hydro One to pay down debt and build new infrastructure.