Avista shareholders agree to sell to Hydro One for C$6.7bn

By zaymalz malz

Avista has announced that its shareholders have accepted an offer from Canada’s Hydro One that will see the US energy firm being sold in a deal worth US$5.3bn (C$6.7bn).

News first broke of a potential acquisition back in July, with the offer having represented a 24% premium on Avista’s share price at the time. However, only now have Avista’s shareholders approved the transaction, with a vote in favour of the deal having been passed this week.

See also:

The offer was approved by 98% of those who voted, with approximately 79% of Avista’s shareholders being entitled to vote on the proposal.

The deal will see Hydro One continue to expand and enhance its position as one of the leading utility companies throughout North America, currently standing as Ontario’s largest power provider.

“This is an important milestone that moves us closer to bringing together two historic companies,” said Mayo Schmidt, President and CEO, Hydro One.

“Today's vote demonstrates Avista shareholders' faith in Hydro One and our journey to become one of North America's leading utilities. Together, we will deliver long-term value and will become a leader in regulated electricity transmission and distribution as well as natural gas distribution and renewable generation businesses.”

The transaction is expected to close in the second half of 2018, subject to customary regulatory approval.

Share

Featured Articles

Top 20 essential leadership resources for Black executives

To celebrate Black History Month, here are 20 resources for Black leaders – from business books to leadership coaches to business school exec programs

Broadridge study reveals huge impact of AI on C-suite

Broadridge Financial Solutions spoke to 500 C-suite executives from across the globe, many of whom said AI was significantly changing the way they work

PwC's Kathryn Kaminsky – the role of boards on social issues

As Vice Chair Trust Solutions Co-Leader at PwC, Kathryn Kaminsky says boards play an important role in helping businesses take action on social issues

Why your business needs a Chief Transformation Officer

Leadership & Strategy

12 top AI and ML trends for the enterprise in 2023 – Dataiku

Technology & AI

From NYC to Hong Kong, the rise of the private members' club

Leadership & Strategy