Hydro One Limited and Avista Corporation jointly announced a definitive merger agreement under which Hydro One will acquire Avista for C$67 (US$53) per share in a C$6.7 billion (US$5.3 billion) all-cash transaction.

Together, Hydro One and Avista will have over C$32.2 billion (US$25.4 billion) in combined assets. The combined entity will serve more than two million retail and industrial customers and hold assets throughout North America including Ontario, Washington, Oregon, Idaho, Montana and Alaska.

Following completion of the transaction, Avista will maintain its existing corporate headquarters in Spokane and will continue to operate as a standalone utility in Washington, Oregon, Idaho, Montana and Alaska. Its management team and employees will remain in place and it will operate with its own Board of Directors. The combined company's headquarters will be based in Toronto.

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Hydro One   Avista   M&A   Washington   Oregon  

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