Hydro One signs blockbuster deal to buy Avista for C$6.7 billion in cash
Posted Jul 19, 2017 04:56:24 PM.
Last Updated Jul 19, 2017 05:08:29 PM.
This article is more than 5 years old.
TORONTO – Hydro One Ltd. (TSX:H) has signed a friendly deal to acquire U.S. company Avista Corp. for C$6.7 billion in an all-cash deal.
The Ontario utility says it will pay C$67 per share in cash for the utility.
Under the agreement, Avista would keep its existing corporate headquarters in Spokane, Wash., and continue to operate as a stand-alone utility in Washington, Oregon, Idaho, Montana and Alaska.
The companies say there will be no workforce reductions as a result of the merger.
Hydro One and Avista also say customer rates will not be affected by any of the costs associated with the transaction.
