Shareholders approve Avista acquisition by Hydro One - Spokane, North Idaho News & Weather KHQ.com

Shareholders approve Avista acquisition by Hydro One

Posted: Updated:
SPOKANE, Wash. -

Avista shareholders have approved the acquisition of the company by Canadian utility Hydro One.

“We are pleased that our shareholders have demonstrated their strong support of this transaction and the value and benefits it will provide for all of our stakeholders,” Avista Chairman, President and Chief Executive Officer Scott L. Morris said. “The partnership represents a positive step forward for Avista customers, employees, shareholders and the communities we serve, and we look forward to continued progress toward closing the transaction in the second half of 2018.”  

The sale was announced this past summer with a price tag of $5.3 billion. Avista shareholders approved the acquisition, with approximately 79 percent of the outstanding shares of common stock entitled to vote on the proposal voting 98 percent in favor of the merger agreement. 

Upon closing, shareholders will receive $53 per common share, other than Dissenting Shareholder Shares (as defined in the definitive merger agreement) and shares of Avista Corp. common stock that are owned by Hydro One or any of its subsidiaries. Upon closing, Avista will become a wholly-owned indirect subsidiary of Hydro One. Applications for regulatory approval of the transaction are still pending with utility commissions in Washington, Idaho, Oregon, Montana, and Alaska as well as with the Federal Energy Regulatory Commission (FERC).

Will this deal affect your utility rates? According to the companies, no. In fact, the companies claim an enhanced transmission and distribution system will achieve "operation excellence leading to cost savings over time."

More FAQs HERE.

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