Bell Aliant buys $55M worth of poles

HALIFAX - Bell Aliant is buying certain poles from Newfoundland Power and Fortis Inc. in a deal worth approximately $55 million.The company said that the move is part of a strategy “to reset its cost structure”, and will reduce its overall annual cash outlays, which in turn will improve EBITDA and free cash flow going forward.While Bell Aliant will account for this transaction in the 2010 fiscal year, it remains subject to final regulatory approval from the Newfoundland and Labrador Board of Commissioners of Public Utilities, which is expected by the second quarter of 2011.www.bellaliant.ca