TORONTO - Hydro One Inc. has announced the closing of its $46.2 million purchase of Woodstock Hydro Holdings Inc., including its wholly-owned subsidiary Woodstock Hydro Services Inc.

Hydro One says in a release issued Saturday morning that the purchase price includes the assumption of Woodstock Hydro's existing debt of approximately $17 million.

The sale was approved by the Ontario Energy Board on September 11.

Under terms of the deal Woodstock Hydro's approximately 15,800 customers will see a 1 per cent reduction in their monthly distribution delivery rates effective October 31, 2015. Rates will also be frozen for the next five years.

Woodstock Hydro will operate as usual until the transition to Hydro One is complete, in 2016.

This includes no changes to customer account numbers, bills, billing and payment and service options.