Avista and Hydro One announced Wednesday that the companies have mutually agreed to terminate their merger agreement.
The decision comes after Washington and Idaho regulators each denied approval of the merger. Avista and Hydro One said in a release that after careful consideration and analysis of the likelihood of obtaining a reversal of orders from regulators, the boards of directors decided to terminate the merger agreement.
Hydro One will be required to pay Avista a $103 million termination fee under the terms of the merger agreement.
“While disappointed with the outcome, I want to express our deepest gratitude to everyone who worked with us on this effort over the past 18 months," Avista CEO Scott Morris said in a statement. "Avista is a strong, vibrant, and independent utility, and we look forward to building on our legacy of nearly 130 years by continuing to serve the best interests of our most important stakeholders—our valued customers, loyal employees, the communities we serve, and our shareholders.”